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Impact Of Globalization On India

Globalization refers to the process where the global economies, cultures as well as societies have gotten and become integrated into global networks of communication, transport and also trade. Globalization could also mean the integration of the economy of a nation with the world economy. India had issues with the economy in the year 1991. In other words, it was in an economic crisis. This indicates that as much as globalization may have positive economic impacts, there could also be negative ones.

The Positive Impacts of Globalization in India

There is usually a great competition among counties as a result of globalization. The effect is positive as the consumers are likely to enjoy better quality products and even services. The prices for the same products may also be relatively low due to the increased competition. Globalization has also resulted in foreign investment in India/. This has improved and increased job opportunities for the people. There are also local industries and companies that supply raw materials to global markets. These companies have been successful. Increased competition has led to an improvement in technology use in India. In an attempt to produce standard, better quality and worldwide acceptable commodities and products. Notably, some of the Indian companies have collaborated with foreign companies and as a result has benefited a lot. With globalization, Indian companies have more and better opportunities to sell their commodities and products, including to a larger market. Apparently, there are several benefits of globalization in India. It has improved foreign exchange rates, investment, and foreign collaboration as well as improved technology use. The government has improved foreign exchange, and this means that the country has more resources for rural and urban development for the citizens. At the same time, job opportunities have improved for the local people as there has been an increase or rise in foreign investment as well as the increase in the number of companies. The effect of raising the people’s standards of living has ensured that poverty levels have gone down considerably.

Demerits of Globalization

With globalization, the threat for some of the communicable diseases is huge. There may be an underlying threat of collaborating with multinational co-operations that may have immense ruling power. Globalization has also increased the development of industries in India. Some people, therefore, have been left landless, making farming activities difficult. Clearly, globalization in the nation has both positive as well as negative impacts and consequences.

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