Essay on Effects of Globalization on Indian Economy! It means to open the Trade and Economy for the international players. In other words, every manufacturer or producer of goods can compete for sale of their products without restrictions or without any imposed control.
In the age of rapid technical progression, many countries are unified and transformed due to the process of globalization. Globalization has a huge impact on cultural, social, monetary, political, and communal life of countries. Abundant theoretical studies demonstrated that globalization intercedes in a cultural life of populace that raises numerous critical issues Robertson, Globalization is described by theorists as the process through which societies and economies are integrated through cross border flows of ideas, communication, technology, capital, people, finance, goods, services and information.
Nevertheless, financial integration is the most common aspects. After World War I and II the early trends of globalization decreased throughout the world due to many barriers which restricted the movement of goods and services.
In fact, cultural and social integration are even more than economic integration. Globalization increases competitiveness at company level and national level, which leads company management and governments to embrace strategies designed to increase labour effectiveness with reference to productivity, quality and innovation.
Generally, globalization involves economies that are opening up to international competition and that do not distinguish against international capital. Consequently, globalization is often accompanied by a liberalization of the markets and the privatization of productive assets.
But globalization also leads to unemployment, increasing casual employment and weakening labour movements. Theoretical literature denotes that Globalization has made countries to realize that they can share their cultural values and economic exchanges to promote business and gain competitive advantage.
The fervour of globalization has even enforced Governments to be tuned to the merits of a Global economy. Management studies have defined the process of globalization. Md, stated that globalization is the interconnectedness of nations and regions in economic domain, in particular, trade financial flows and multinational corporations.
Concept of Globalisation The concept of globalization means that the world is getting smaller as well as bigger.
Md, described that globalization can contribute to develop pattern of cross border activities of firms, involving international investment, trade and strategic alliances for product development, production, sourcing and marketing. These international activities companies to enter new markets, to exploit their technological and organizational advantages and to reduce business costs and risks.
Other theorists stated that globalization is a social phenomenon that defines the geographical boundary in terms of many different issues.
ALI, explained the globalization as a process of rapid economic, cultural, and institutional integration among countries. This association is driven by the liberalization of trade, investment and capital flow, technological advances, and pressures for assimilation towards international standards.
Globalization has reduced barriers between countries, thus resulting in strengthening of economic competition among nations, dissemination of advanced management practices and newer forms of work organization, and sharing of internationally accepted labour standards.
Challenges of globalization and its effects Many theorists asserted that change in environment has both positive and negative aspects Harris, These stimulate driving or resisting forces toward the change of the status quo.
This is most obvious relative to both globalization, and the resulting spread of the global organization.Positive Impact of Globalisation in India The impact of globalisation in India has been tremendous.
1. Greater competition among producers resulting from Globalisation is a great advantage to consumers as there is greater choice before them. Consumers now enjoy improved quality and lower prices for several products.
2. Due to globalisation many MNCs have increased their investments in India. The wave of globalization hitted India at the end of the last century and still the country is flowing with the current of global changes. Economic Impact of globalization in India. Globalization has impacted nearly every aspect of modern life and continues to be a growing force in the global economy.
While there are a few drawbacks to globalization, most economists agree that it's a force that's both unstoppable and net beneficial to the world economy. Impact of Globalization on Indian Economy - Free download as Word Doc .doc /.docx), PDF File .pdf), Text File .txt) or read online for free. PROJECT ON IMPACT OF GLOBALIZATION ON INDIAN ECON /5(13).
Indian economy had experienced major policy changes in early s. The new economic reform, popularly known as, Liberalization, Privatization and Globalization (LPG model) aimed at making the.
Globalization and its impact on Indian Economy: Developments and Challenges Globalization (or globalization) describes a process by which regional economies, societies, and cultures have become integrated through a global network of communication, transportation, and trade.