Question

Positive and negative impact of globalisation on indian economy

Answer 1

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Answer 2

Following is the negative and positive impact of globalization on Indian economy :

1.  Negative Impacts :

a.  It destroys the indigenous industrial sector particularly smaller ones due to import of more and more cheap finished goods.

b.  It worsened the situation of farmers due to import of cheap agricultural goods.

c.  Decrease of Jobs in manufacturing sector.

d.  Trade deficit. For example trade deficit with China is more than 60 billion per year.

2.  Positive Impact :

a.  It increased the living standard of Urban people. For example, people in metropolitan cities like Delhi and Mumbai live a high standard life.

b.  It created IT and service sector job opportunities in India. For example, millions of people are employed in BPO, KPO and in other outsourcing services.

c.  It lead to the more foreign investment which created development in India.

d.  It enabled many Indian companies to emerge as MNC's like Tata Motors, Infosys etc.

e.  It created greater choice for consumers.

f.  It created competition in the market and thus increased the quality of products for the consumers.