What are the economic effects of globalization? How has it affected India economically?
Answers
Explanation:
Due to globalization, in Indian economy it affect not only to agricultural production but also employment opportunities in the rural parts, inequality between urban & rural areas.
Answer:
Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world. Globalization indicates that the world today is more interconnected than before. Globalization in its basic economic sense refers to the adoption of open and unfettered trading markets .Large volumes of money movement, increased volumes of trade, changes in information technology and communication are all integral to a global world. There is also a significant movement of people from one country to another for trade and work. Such increases in the movement of goods, labor, and services have weakened national barriers and restrictions that are imposed by a nation state. Some identify a new emergence of a “global village.” In the past two decades, economic globalization has been the driving force behind the overall process of globalization. Globalization is a significant factor in competitive world that integrate and mobilize cultural values of people at global level. In the age of rapid technical progression, many countries are unified and transformed due to the process of globalization. Globalization has a huge impact on cultural, social, monetary, political, and communal life of countries.
The Economic impact due to Globalization:
1. Globalization has given nations greater access to global markets, technology, financial resources and quality services and skilled human resources.
2. Improvement and greater access to quality goods and services and an exponential increase in the volume of trade.
3. Access to global capital resources via the stock market and international debt depending on the economic potential of nations and their markets.
4. Access to technologies depending on the nations responsiveness to respect to protection of IPR and the responsible usage of technologies.
5. Access to the world markets to the skilled human resources from nations with inherent intellectual and technical capabilities
The SOCIAL impact due to Globalization:
1. The free flow of Information both general and commercial.
2. Globalization has through greater exposure liberalized our attitudes, reduced our biases and predispositions about people, situations and communities worldwide.
3. The advent of Information Communication Technologies (ICT),
Nations have built greater awareness of themselves and the other countries and cultures of the world.
4. One can see in India that inhibitions have been diluted because of the advent of media and the medium of entertainment. This has also naturally had some affect on the old cultural values with the focus now being on consumerism and success..
5. The experience in India is of relevance because of the greater cultural and literacy diversity between states and the economic divide between the urban and rural areas of India.
6. There has been a tremendous increase in consumerism, for goods and services whether necessary or perceived.