what is globalisation ? what changes have occurred in India due to adoption of the policy of globalisation and liberalisation?
Answers
Globalization is the process of rapid interconnection or integration of countries.
The following changes have occurred in India due to the policy of globalization-
•Better choice for the consumers
•Availability of new technologies and management
•Improved quality due to increased competition
•Availability of much needed foreign exchange
•Development of infrastructure
Globalisation is the process of rapid interconnection and integration between countries. More and more goods and services are moving between countries.
Changes in India:
A) more and more choices of goods and available for the consumers at competitive prices and better quality.
B) However globalisation has adversely affected producers and workers due to flexibility in labour laws and increased competition from outside.
C) Globalisation through partnerships with MNCs has compelled local producers in India to improve their standards of production. Sometimes an MNC may also bring with it improved technologies for production.
D) Globalisation has enabled some Indian companies to emerge as multinational companies themselves such as Ranbaxy, Tata motors etc.
E) MNCs have increased their investment in India which means that investing in India has been beneficial for them. MNCs have been interested in companies such as cell phones automobiles electronics which have a large number of well-off buyers.
F) In such industries and services new jobs and employment opportunities have been created for Indians with the coming of the MNCs. Also local companies that supply raw materials to these MNC industries have prospered.
It took me a century to write this. Hope it helps you.:)