What is the impact of globalisation on the Indian economy?
Answers
Explanation:
Below mentioned are some of the quick reactions which were felt after the introduction of globalization:
After 1991, the rise in GDP that dropped to 13% in 1991 -92 extended momentum in the following five years (1992-2001). Moreover, the annual average rate of growth in GDP was recorded to be 6.1%.
Furthermore, export growth skyrocketed to 20% in 1993-94. For 1994-95, the figures were recorded to be 18.4 per cent. Export growth statistics in recent years have been very impressive
Answer:
Globalisation has affected India under these headings such as:
1. Economic effect: As the supermarket structure arrived in India, it is very difficult for the farmers to sustain. Due to cheap import, small traders are really suffering. On the other hand, globalisation has given chance to expand Indian IT sector+ pharma sector + Agricultural processed material. But the economy gets foreign currency, hence to get more foreign reserve, all are keeping quiet. It is also true that foreign currency gives us chance to have more development activities.
2. Cultural effect: More and more people are getting attracted towards western lifestyle because of globalisation. We can see significant changes in the expenditure pattern of public nowadays. Consumption is more as compared to savings. They are eager to buy branded and imported good which ultimately results in the increase in current account deficit or causes a trade deficit. Some say that the cultural aspect of globalisation is destroying our culture and values. Swami Vivekananda used to say that one should learn science from the west and let them have a deep sense of our rich moral values.
3. Social aspect: Nuclear families are coming more in picture due to globalization. MNC's are setup in metro cities. A small town guy gets job in these companies and take a house on rent then after some get married. Nowadays foreign deputation is of high value, which youths cannot resist. But in all these things, he finally loses touch with his parents. Nuclear families are more based on utilitarianism, therefore, in case of any dispute relations ends.
4. Political effect: International organisations such as World Bank, IMF and WTO are interfering in internal matters of a democratic country, which is not always positive. A global accident can affect internal politics. A rise in right-wing leads to formation of govt. This is a global trend.