India and Globalization

India became an exporter of primary commodities and raw materials, and a consumer of finished goods throughout the colonial period as a result of Britain’s imperial ambitions. Instead of importing, India decided to become self-sufficient after independence. This ‘protectionism’ resulted in its own set of issues.

• While considerable progress was made in some areas, crucial areas like health, housing, and elementary education were not given the attention they deserved. India’s economy grew at a relatively slow pace
• In 1991, in response to a financial crisis and a desire for better rates of economic growth, India began an economic reform program that has gradually deregulated numerous sectors, including commerce and foreign investment

Globalization in the Indian Economy

• After globalization and urbanization Indian society is changing drastically. The economic policies had a direct relation as well as influence in forming the basic framework of the economy
• All the economic policies that are administered and established by the government of India also played an important role in employment, planning levels of savings, investments in the society and income
• One of the most critical impacts of globalization on Indian society is the cross country culture.It significantly changed various aspects in India including social, cultural, political and economical
• At last, the main factor that is responsible for contributing maximum in India’s economy into an international economy is economic unification

Positive Effects of Globalization on India

The positive impact of globalization on the Indian economy are the following:

• In all the sectors of development the foreign investment growth is enormous
• Globalization has a very effectfull impact  on monetary, social, political and cultural areas.
• In the improvement of information technology and transportation globalization has taken a very big leap
• Job opportunities are increased with the opportunity of Special Economic Zones (SEZ)
• Because of knowledge and skill a foreign company offered increasing compensation which has an indirectly positive impact on globalization
• With the business development many cities get an opportunity for better standard of living and therefore are capable of improving their daily lifestyle
• Due to globalization the Indian economy and standard of living of the individuals are improving

Resistance to Globalization:

Globalization has been criticized by many people around the world.The following are some of the arguments presented against globalization:

It describes an era of global capitalism in which the wealthy get richer (and fewer) and the poor get poorer

➢     The state’s capacity to protect the interests of its poor deteriorates as the state becomes weaker

➢     In political terms, there is concern over the state’s weakness

➢     In terms of the economy, at least in some areas, self-reliance and protectionism are required

➢     Traditional culture is affected, and people’s age-old values and methods are lost

 Many anti-globalization movements, on the other hand, are not opposed to globalization in general, but rather to a specific agenda of globalization that they regard as a kind of imperialism.

➢  There were large protests in Seattle in 1999 during the World Trade Organization (WTO) Ministerial Meeting, alleging unfair commercial practices by economically powerful states

➢  The World Social Forum (WSF) is another global platform that brings together a broad coalition of anti-neoliberal globalization activists, including human rights activists, environmentalists, labor, youth, and women activists

➢  In 2001, the first WSF meeting was held in Porto Alegre, Brazil. In 2004, Mumbai hosted the fourth World Social Forum WSF meeting. In March 2018, the World Social Forum WSF convened its most recent conference in Brazil

India’s Resistance to Globalization:

• In India, there has been resistance to globalization from a variety of sources
• Left-wing opposition to economic liberalization has been expressed through political parties and organizations such as the Indian Social Forum
• Protests against corporations’ entry have been organized by industrial workers’ organizations as well as groups defending farmer interests
• The patenting of certain plants, such as Neem, by American and European companies, has also sparked controversy
• The political right has also voiced opposition to globalization. This has taken the form of protesting numerous cultural influences, such as the availability of foreign television channels on cable networks, the celebration of Valentine’s Day, and the westernization of girl students’ dress habits in schools and colleges
• Globalization has had a mixed effect on both the world and India. Rather than associating globalization with a negative connotation, certain specific effects of globalization have become a major source of worry

Conclusion

Globalization had a severe impact on India. Due to globalization there is a growth in foreign investment in the corporate, scientific and retail sector. Not only this, globalization also had a tremendous effect on the monetary, social, political and cultural areas. In the improvement of information technology and transportation globalization has taken a very big leap. Job opportunities are increased with the opportunity of Special Economic Zones (SEZ).Because of knowledge and skill a foreign company offers increasing compensation which has an indirectly positive impact on globalization.