Assess the Impact of Globalization on India and its People. - Bzziii.com
Assess the impact of globalization on India and its people.
The impact of globalization on India and its people is both negative and positive.
The positive impact of globalization in India has been tremendous. More competition among producers as a result of globalization is a big advantage for consumers as they have more choices. Consumers now enjoy better quality and lower prices of many products.
Due to globalization many multinational companies have increased their investment in India. This means thousands of people are getting high paying jobs and living standards are much higher than before.
Globalization has also created new opportunities for Indian companies providing services especially in the IT sector. Services like data entry, accounting and administrative work are now being done cheaply in India and exported to developed countries. This has created thousands of jobs.
Globalization has had a negative impact in India as well. Globalization has presented great challenges for a large number of small producers. Globalization which resulted in the liberalization of foreign trade policies, allowed the import of electronic goods at a much cheaper cost. Local producers of electronic goods were not able to meet this challenge. Multinational companies flood the market with quality products at cheap prices. The local producers were not able to compete with this and had to face hardship as there was no market for their goods. Another negative factor of globalization is the low wages paid to the workers. To compete in the world market, exporters try to cut labor costs and workers are deprived of their fair share of profits as manufacturers are always on the lookout for cheap labor.
Globalization has had a negative impact in India as well. Globalization has presented great challenges for a large number of small producers. Globalization which resulted in the liberalization of foreign trade policies, allowed the import of electronic goods at a much cheaper cost. Local producers of electronic goods were not able to meet this challenge. Multinational companies flood the market with quality products at cheap prices. The local producers were not able to compete with this and had to face hardship as there was no market for their goods. Another negative factor of globalization is the low wages paid to the workers. To compete in the world market, exporters try to cut labor costs and workers are deprived of their fair share of profits as manufacturers are always on the lookout for cheap labor.
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