Define globalisation. Describe any 4 benefits of it to Indian economy.
Globalization can be defined as a process of interaction and integration among different nations and people which is mainly based on trade, capital and investment, movement of commodities and culture, supported by information technology.
Four benefits of globalisation to Indian economy include:
a. Creation of new job opportunities. Since labour is cheap in India, developed countries like U.S.A and U.K outsource their work to Indian companies creating new job avenues.
b. The living standard of people has improved. There has been a wider circulation of capital which has enhanced economic growth and helped in developing a better lifestyle for people.
c. There has been a wider choice of commodities for consumers in the market which was earlier not possible due to trade restrictions. People can now purchase commodities of different brands and choice.
d. There has been the entry of MNCs which have made investments in India. Local companies suppling raw materials to them are enjoying profits. Many Indian Companies also collaborated with foreign companies and have become successful. Even top Indian companies have benefited from competition by MNCs. They have invested in newer technology and are trying to raise the quality of production of their commodities.
Four benefits of globalisation to Indian economy include:
a. Creation of new job opportunities. Since labour is cheap in India, developed countries like U.S.A and U.K outsource their work to Indian companies creating new job avenues.
b. The living standard of people has improved. There has been a wider circulation of capital which has enhanced economic growth and helped in developing a better lifestyle for people.
c. There has been a wider choice of commodities for consumers in the market which was earlier not possible due to trade restrictions. People can now purchase commodities of different brands and choice.
d. There has been the entry of MNCs which have made investments in India. Local companies suppling raw materials to them are enjoying profits. Many Indian Companies also collaborated with foreign companies and have become successful. Even top Indian companies have benefited from competition by MNCs. They have invested in newer technology and are trying to raise the quality of production of their commodities.
