what do you meant by GLOBLISTION.? explain the positive and negative impact of globalization.
Globalization is basically means integration of economies across the globe.It is the process by which organizations and countries as a whole interact globally and establish their influence internationally.
Globalization is a dynamic and broad concept. It brought about positive impacts for most of the countries including India. Major impact of globalization can be seen post reform period when India adopted Liberalization,Privatization and Globalization (LPG) policies. Major change brought about by Globalization was in India's attitude. India,at the eve of independence.had a very conservative and protectionist approach. Saving domestic producers from foreign competition,being a social state,were the features of India before reforms.Once India opened itself to global market,it allowed India to go beyond its domestic limitation and explore globally. Introduction of FDI and FII was a major change adopted in 1990s which is till carried on today. Import duties and tariffs were reduced fore smooth flow of goods and services. India now imports technology and capital goods to carry out huge production activities at home. Domestically,many public sector companies are converting to private corporations for better working and management. Privatization is also an effect of globalization.
Talking about the negative impact of Globalization on India,it somewhere hurt the very small producers and local handicrafts producers. Globalization gave immense power in the hands of already powerful business.Big companies with huge capital expanded their business overseas but small producers couldn't stand the competition and had to shut down. Similarly,local handicrafts which involve great hard work and input couldn't fetch the just price in global market since similar products were made available to consumers at cheaper prices by MNCs.