What is the effect of globalization on the future of Indian economy?

Answer 1

Largely positive. Globalization has brought many jobs and large sums of investment to India. India's economy has been growing at exceptional rates for the past several years and many new opportunities have opened up for India. Yet, India does remain quite poor. It's GDP per capita is less than $2,000, a fraction of the GDP per capita found in some Latin American and Eastern European nations. Most of those who profit from globalization in India are the upper classes, with many in the lower classes being displaced and suffering from miserable labor conditions. Nonetheless, globalization has created a large economic boom for India with largely positive effects

Globalisation

Globalisation is the trend in large businesses to consider themselves world businesses not US or English or German businesses. So if something can be done in India or Malaysia or wherever cheaper than in Wisconsin or Slough or Dusseldorf then off to India or Malaysia or wherever it goes. Similarly raw materials or components will be bought from wherever in the world they are cheapest. Such a worldwide network of interests also allows large companies to do a great deal of money shuffling to avoid taxes.

Answer 2

The effect of globalization on the future of Indian economy may be good or bad. This may expand the market which will boost the economy or offer too much competition which might suffocate the entire economy.

Answer 3

Freeing of imports closure or reduction of production in domestic firmsproducing those goods. This in turn results in unemploymentin domestic land. Widening of inequality among rich and poor. The small firms may find it difficult to compete against the much competent foreign firms and may be forced to undergo acquisition for survival thereby loing their identity. Traditional culture may get negatively influenced by the the foreign one.

Answer 4

In ancient times Indian products whether of textiles, handicrafts or metallurgical were known to be of the highest quality but after India became slave under British, all these industries were destroyed and crippled. The resources were drained away by the foreign rulers and her industry ruined.

During British rule the industry was redeveloped on the rulers' designs with a degeneration in character and the Indians got used to that quality and system.

Now after independence when India went for globalisation their products did not stand anywhere near to those of other countries and India faced lot of imbalance in International Trade.

Having learnt the shortcomings and with active globalisation the quality standardisations have started and Indian products are being accepted and valued in the international market. That is what the globalisation has effected in on the Indian products.

Answer 5

more jobs become available fro them as companies move to LEDC's to save money