write meaning and effect of globalization
Answers
Answer:
Globalization means the interconnections in economic activities, trade and business that have led to the integration of manufacturing processes and markets around the different economies of the world. It is a process that is an offshoot of the liberalization of previously closed national economies and opening them up to international manufacturers. Domestic companies are very often pitted against multi national corporations as a result of this. Reduction of trade barriers like tariffs, import duties and licensing quotas have hastened this process by fueling capital and investment movements. It has led to demand for skilled labor. It has manifested itself culturally as well through the circulation of ideas. Dissemination of knowledge and technology is another important aspect of globalization.
The following are the impacts of globalization on Indian economy:
Increased rate of growth of the Indian economy which is proceeding presently at around 7%. This is in comparison to the 3.5% average growth rate for the first four decades after independence.
Liberalization of the restrictions upon Foreign Direct Investment in various sectors as well as removal of restrictions on imports in the form of tariffs. This has been done to increase the investments in the economy. Also, many industries that were previously open only for public sector have now been thrown open for the private sector.
Explanation:
Answer:
Globalisation is the process by which business or other organizations development international influence or start operating on an international scale.