what is meant by globalisation? what challenge does it pose for the indian industry
Answers
Globalization or globalisation is the trend of increasing interaction between people or companies on a worldwide scale due to advances in transportation and communication technology, nominally beginning with the steamship and the telegraph in the early to mid-1800s. With increased interactions between nation-states and individuals came the growth of international trade, ideas, and culture. Globalization is primarily an economic process of integration that has social and cultural aspects, but conflicts and diplomacy are also large parts of the history of globalization.
Economically, globalization involves goods and services, and the economic resources of capital, technology, and data.[1][2] The steam locomotive, steamship, jet engine, and container ships are some of the advances in the means of transport while the rise of the telegraph and its modern offspring, the Internet and mobile phonesshow development in telecommunications infrastructure. All of these improvements have been major factors in globalization and have generated further interdependence of economic and cultural activities.[3][4][5]