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Globalisation

Globalisation has been seen to be happening from ancient and mediaeval periods in India. It delivers knowledge about advantages of globalisation in the Indian economy and simultaneously propounds the negative effects.

Globalisation can be considered as a term that is used in order to describe the way trade, as well as technological advancement, has made different countries and organisations all over the world, connected. Globalisation provides economic as well as social change within a country as well as two different organisations of India. By the end of the guide, the concept and effect of Globalisation in India could be assessed. 

Concept of Globalisation

The speeding up of movements, as well as exchange of goods and services as well as capital and cultural practises all over the globe, can be considered as the phenomenon of globalisation. In this process, technological advantage, exchange of technology is important in recent times and due to globalisation, the importance of culture is developing. In addition to that globalisation also promotes and increases the interaction among people who live in different countries as well as regions around the globe.

Effect of Globalisation in India

Globalisation in India has impacted both its economy as well as political and social aspects. The technological advancement of India happened due to an increase in communication because of globalisation. The rise of technical advancement has elevated the technical expertise and requirements therefore creating job opportunities for the mentioned economy.

  1. Globalisation has promoted the rise of WTO in the year 1994 making a reduction in the tariff and non-tariff rates. The free trade agreements were also fast because of globalisation.
  2. As an example, the employment rate of Kerala has increased because of globalisation. About 99.7% of the Kerala villages have primary schools which resulted in social development.
  3. The rise of MNCs took place because of globalisation in India and as a result investment increased which enabled the Indian GDP to grow. It also provided vast job opportunities to Indian people significantly.
  4. India is a culturally rich country and therefore the cultural barriers of India with other countries were huge. Due to globalisation the cultural differences were decreased and along with that, the social development of India took place.

Globalisation in the Indian economy

  1. The number of jobs that were increased because of globalisation can be considered as a significant impact on the Indian economy. Due to the growth of jobs, the economic independence of people raised and as a result, the Indian economy has developed significantly.
  2. As an example, the gross state domestic product of Kerala in 2020-21 was 9,78,064 crore rupees which was an increase of 12.2% from the previous year. This increase is taking place due to rapid globalisation. 
  3. Globalisation provided the Indian business sectors with a larger customer base globally. Therefore, the range of goods and services that the companies make became broader in order to provide customers with numerous choices. It also helped domestic organisations to develop their business internationally.
  4. Due to globalisation the standard of living of Indian people has improved and the consumption of animal proteins has increased. This instance has resulted in protein food inflation in India.
  5. The agricultural sector of India got impacted and it was shrunk because of globalisation and industrialization that happened because of that. In recent times only 15% of Indian GDP comes from agriculture. As a result, the vulnerability of Indian farmers has increased and that has impacted the economy as well.
  6. The health care related costs in India have increased because of globalisation. For example, Kerala has the highest rate of expenditure as healthcare cost is around 8000 rupees per person.

Advantages of Globalisation in India

Modernism and postmodernism started to take place in India due to globalisation which started in ancient and mediaeval periods. It is held in the arts to develop culturally, socially as well as economically. Standard of living has improved for Indian people and access to New Market as well as to new talent has happened because of globalisation. Spreading technology and innovation along with the lower cost of products and getting acquainted with a new culture can be considered as some advantages of globalisation in India.

Conclusion

After the above analysis, it can be concluded that the Effect of Globalisation in India is dominant. Improvement of work opportunities, as well as the number of employments, has increased because of this. On the other hand, it can be said that from the ancient and mediaeval period globalisation has seemed to be taking place in India, the educational and social development enables the Indian people to have better education. On the other hand, the Indian GDP was greatly affected by globalisation and it resulted in its rise.