Globalisation in India

Globalisation is a complicated phenomenon that aims to increase global interdependence and integration by establishing networks and activities that cross economic, social, and geographical boundaries, resulting in a world without borders.

• Globalisation is a notion that deals with numerous types of fluxes within different parts of the world, such as ideas, capital, commodities, people, and so on.
• These continuous flows give rise to and keep ‘global interconnectivity’ alive.
• Globalisation is a multifaceted notion encompassing political, economic, and cultural aspects.

Globalisation In India

The word ‘globalisation’ refers to a complicated phenomenon. The fundamental goal is to use a variety of strategic measures to ensure global integration. Globalisation aims to establish a borderless world in which a country’s needs may be met from all around the world, resulting in a single global economy.

Outsourcing is the most crucial result of the globalisation process. In the outsourcing model, a corporation in one nation engages an expert from another country to complete work previously completed by their own country’s internal resources.

The most important aspect of outsourcing is that it allows you to have work done at a lesser cost and more efficiently. Legal counsel, marketing, technological assistance, and other similar services are examples of successful outsourcing in the era of globalisation. As the field of information technology has advanced in recent years, outsourcing has leapfrogged. All economic operations have spread internationally as the medium of communication has broadened their reach.

The most significant benefit of outsourcing is that large multinational corporations and small businesses can obtain high-quality services at a lower cost. 

Globalisation in the Indian economy

• Following the advent of globalisation and urbanisation, Indian society is changing drastically. The economic policies have had a direct relation and influence in forming the basic framework of the economy.
• All the economic policies administered and established by the government of India have also played an essential role in the increase in employment, planning levels of savings, investments in the society and income.
• One of the most critical effects of globalisation on Indian society is the cross-country culture. It has significantly changed various aspects in India, including social, cultural, political and economic factors.
• The main factor responsible for transforming India’s economy into an international economy is economic unification.

Positive effects of globalisation on India

The positive impact of globalisation on the Indian economy are as follows:

• Foreign investment growth is enormous in all sectors of development.
• Globalisation has had a significant impact on India’s monetary, social, political and cultural areas.
• Globalisation has hugely improved  information technology and transportation in the country.
• Job opportunities have increased with the advent of Special Economic Zones (SEZs).
• Foreign companies offer increasing compensation for the skills and talents of Indian workers.
• With the increasing levels of business development, many cities get an opportunity to offer a better standard of living. 
• Due to globalisation, the Indian economy is improving.

Causes of globalisation

• Technology will continue to play an integral role in supporting globalisation. Telephones, the internet, and other innovations have transformed communication and facilitated links.
• Technological advancements have made it feasible for ideas, capital, commodities, and people to travel more readily from one corner of the world to another.
• People’s realisation that the globe is interconnected and that what occurs in one location affects other politically different spaces.

Impacts of globalisation

Political consequences:

• The government’s capacity to fulfil its job is eroded as a result of globalisation (that is, erosion of state capacity).
• Welfare states are now being turned into minimalist states, emphasising essential services such as law and order rather than welfare-directed economic and social well-being criteria.
• Rather than welfare goals, the market is used to decide economic and social priorities.
• Governments’ ability to make decisions on their own has been harmed by the arrival and expanded participation of multinational corporations.

• However, this is not always the case, as globalisation has not always diminished state capacity but has also boosted it in some areas.
• The state’s dominance continues to be the unquestioned foundation of the political community.
• In international politics, ancient rivalries and jealousy between countries still exist.
• The state continues to perform its essential functions while intentionally withdrawing from domains it no longer wishes to participate in.
• There are improved tools at the state’s disposal for collecting information about its residents.
• The state is better able to rule due to this information, not less competent.
• As a result of the new technology, states became more powerful than before.

Conclusion

Globalisation has had a huge impact on India. Due to globalisation, there is a growth in foreign investment in the corporate, scientific and retail sectors. In addition, globalisation has had a tremendous effect on the monetary, social, political and cultural areas. Globalisation has also improved information technology and transportation. Job opportunities have increased with the advent of Special Economic Zones (SEZs). India and Globalisation is a very popular topic, and MCQs on this topic are asked in the Civil Service examinations every year.