Question

Suppose you find two people arguing. One is saying globalization has hurt our country’s
development. The other is telling, globalization is helping India Development. Differentiate their
views.

Answer 1

Answer:

Benefits of globalization of India:

Increase in the volume of trade in goods and services

Inflow of private foreign capital and export orientation of the economy.

Increases volume of output, income and employment.

Negative Impact / Fears of Globalisation.

It may not help in achieving sustainable growth.

It may lead to widening of income inequalities among various countries.

It may lead to aggravation of income inequalities within countries.

Whatever may be the fears of globalisation, I feel that it has now become a process which is catching the fancy of more and more nations. Hence we must become ready to accept globalisation with grace and also maximise economic gains from the world market.