Globalization | What is Globalization | Globalization Effects | Essay

What is Globalization?  How it is important to us?

What are the positives of Globalization?

What are the negatives of Globalization?

What are the effects of globalization on the Indian economy?


If you have these kinds of questions then tighten up your seats because the way your questions are going to be answered your mind will be blown.

Preface

Globalization is a way for international players at the international level to increase business, increase technology, improve the economy, etc. In this way, manufacturers or producers can sell their products or goods worldwide without any hindrance. It provides a large level of benefit to the businessman or businessman, as they are easily able to get labourers in poor countries through globalization. This gives companies a big opportunity in the global market. It allows any country to participate, establish mixed factories, invest in equity shares, sell products or services of any country, etc.

How Globalization or Globalization Works

Globalization helps in considering the world market as one market. Traders extend the field of business as a global village. Prior to the 1990s, there were restrictions on importing certain products into India, which were already manufactured in India; Such as - agricultural products, engineering goods, food items etc. However, in the 1990s, rich countries were under pressure from the World Trade Organization, the World Bank and the International Monetary Fund to spread their business to poor and developing countries. Liberalization and globalization in India were initiated in 1991 by the Federal Finance Minister (Manmohan Singh).

After many years, globalization led to a major revolution in the Indian market, when many multinational brands, such as PepsiCo, KFC, Mac-Donald, IBM, Nokia, etc. in India Sold various wide quality products at affordable prices. All the leader brands displayed the real revolution of globalization or globalization, resulting in a gradual increase in industrialization and economy. The price of quality products was reduced due to cut-throat competition in the market.

Globalization and liberalization of businesses in the Indian market led to a flood of quality foreign products. However, it greatly affected the local Indian market. As a result, poor and illiterate Indian workers lost their jobs. Globalization is very beneficial for all consumers, however, it is very harmful to small scale Indian producers.

Positive effects of globalization

Globalization or liberalization has connected the Indian students and the field of education with foreign universities to Indian universities through the Internet, which has led to a huge revolution in the field of education.

The health sector has also been affected by globalization or liberalisation, due to which common medicines, health regulating power machines etc. are available.

    

Globalization or liberalisation affected production in a big way by bringing a variety of seed varieties to the agricultural sector. However, this is not good for poor Indian farmers due to expensive seeds and agricultural techniques.

    

It also trades in the employment sector, such as; Small scale industries have brought a revolution on a large scale, through the promotion of hand factories, carpets, jewellery and glass business etc.

The conclusion

Globalization has brought various quality products at affordable prices and has provided employment to developed countries as well as a large population. However, it has increased competition, crime, anti-national activities, terrorism etc. Therefore, it brings some sorrows along with happiness.

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