Impact of globalisation on indian economy essay

Despite a surge in foreign investments, rigid FDI policies resulted in a significant hindrance. However, due to some positive economic reforms aimed at deregulating the economy and stimulating foreign investment, India has positioned itself as one of the front-runners of the rapidly growing Asia-Pacific region. The size of the middle-class population stands at 50 million and represents a growing consumer market. Industrial policy reforms have substantially reduced industrial licensing requirements, removed restrictions on expansion and facilitated easy access to foreign technology and FDI.

Impact of globalisation on indian economy essay

Quick Revise Pre Impact of Globalisation on India Globalization has been defined as the process of rapid integration of countries and happenings through greater foreign trade and foreign investment. It is the process of international integration arising from the interchange of world views, products, ideas and other aspects of culture.

What are the factors aiding globalisation? The phenomenon of social media in the recent world has made distance insignificant. The integration of technology in India has transformed jobs which required specialized skills and lacked decision-making skills to extensively-defined jobs with higher accountability that require new skills, such as numerical, analytical, communication and interactive skills.

As a result of this, more job opportunities are created for people. Improved transport, making global travel easier. For example, there has been a rapid growth in air-travel, enabling greater movement of people and goods across the globe.

The formation of WTO in led to reduction in tariffs and non-tariff barriers across the world. It also led to the increase in the free trade agreements among various countries. In the past few decades there has been a general reduction in capital barriers, making it easier for capital to flow between different economies.

This has increased the ability for firms to receive finance. It has also increased the global interconnectedness of global financial markets. Multinational corporations operating in different geographies have led to a diffusion of best practices.

MNCs source resources from around the globe and sell their products in global markets leading to greater local interaction. Increasing interaction between people of different countries has led to internationalization of food habits, dress habits, lifestyle and views.

Developed countries have been trying to pursue developing countries to liberalize the trade and allow more flexibility in business policies to provide equal opportunities to multinational firms in their domestic market.

Liberalization began to hold its foot on barren lands of developing countries like India by means of reduction in excise duties on electronic goods in a fixed time frame.

Impact of globalization on Indian economy- An overview - Fibre2Fashion

Indian government did the same and liberalized the trade and investment due to the pressure from World Trade Organization. As a result globalization has brought to India new technologies, new products and also the economic opportunities.

There have been both positive and negative impacts of globalization on social and cultural values in India. Greater Number of Jobs: The advent of foreign companies and growth in economy has led to job creation. However, these jobs are concentrated more in the services sector and this has led to rapid growth of service sector creating problems for individuals with low level of education.

The last decade came to be known for its jobless growth as job creation was not proportionate to the level of economic growth. More choice to consumers: Globalisation has led to a boom in consumer products market.

We have a range of choice in selecting goods unlike the times where there were just a couple of manufacturers. People in cities working in high paying jobs have greater income to spend on lifestyle goods.

Globalisation in India - Wikipedia

There has been an increase in the demand of products like meat, egg, pulses, organic food as a result. It has also led to protein inflation. Protein food inflation contributes a large part to the food inflation in India. It is evident from the rising prices of pulses and animal proteins in the form of eggs, milk and meat.

With an improvement in standard of living and rising income level, the food habits of people change. People tend toward taking more protein intensive foods. This shift in dietary pattern, along with rising population results in an overwhelming demand for protein rich food, which the supply side could not meet.

Globalization and its impact on Indian Culture.

Thus resulting in a demand supply mismatch thereby, causing inflation. In India, the Green Revolution and other technological advancements have primarily focused on enhancing cereals productivity and pulses and oilseeds have traditionally been neglected.

The international norms imposed by WTO and other multilateral organizations have reduced government support to agriculture.

impact of globalisation on indian economy essay

Greater integration of global commodities markets leads to constant fluctuation in prices. This has increased the vulnerability of Indian farmers. Farmers are also increasingly dependent on seeds and fertilizers sold by the MNCs. Globalization does not have any positive impact on agriculture.The new-fangled economic change, widely identified as, Liberalization, Privatization and Globalization planned at making the Indian economy as fastest rising market and worldwide aggressive.

The sequence of changes taken on with reverence to industrial division, trade and financial division planned at building the economy further effective.

Globalisation in India. Jump to navigation Jump to search India had the distinction of being the world's largest economy in the beginning of the Christian era, telecommunications influenced by the dot-com boom and the dot com bubble poured a great deal of hard currency into the Indian economy.

Impact of Globalisation on India. Print Reference this The implications of globalization for an Indian economy are many. Globalisation has intensified the economic war between economies rather than the nuclear war.

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Vani Dhawan Guru Nanak Institute of Management Studies Abstract: The Indian economy has shown considerable resilience to the global economic crisis by maintaining one of the highest growth rates in the world.

Globalization and its impact on Indian Culture.