Impact of Globalisation on Indian Development: Difference between revisions
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<p style="text-align:justify" >India is known for its vibrant culture and rich heritage; it has experienced significant influences from the forces of globalisation. As the world becomes increasingly interconnected, the effects on the Indian economy that is the market and the industry have become significant. Globalization has been defined as the process of rapid integration of countries and happenings through greater foreign trade and foreign investment. It is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture<ref> | <p style="text-align:justify" >India is known for its vibrant culture and rich heritage; it has experienced significant influences from the forces of globalisation. As the world becomes increasingly interconnected, the effects on the Indian economy that is the market and the industry have become significant. Globalization has been defined as the process of rapid integration of countries and happenings through greater foreign trade and foreign investment. It is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture<sup><ref>#cite_note-1 [1]</ref></sup>.</p> | ||
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<p style="text-align:justify">Economic growth- Globalizatio n has a profound economic impact on India, leading to rapid GDP growth, attracting foreign investment, diversifying exports, and creating employment opportunities. However, it has also brought challenges such as income inequality and the need for skill development to fully capitalize on these opportunities. These dynamics continue to shape India's economic landscape as it integrates further into the global economy.</p> | <p style="text-align:justify">Economic growth- Globalizatio n has a profound economic impact on India, leading to rapid GDP growth, attracting foreign investment, diversifying exports, and creating employment opportunities. However, it has also brought challenges such as income inequality and the need for skill development to fully capitalize on these opportunities. These dynamics continue to shape India's economic landscape as it integrates further into the global economy.</p> | ||
<p style="text-align:justify">i) Increased GDP: Since 1990s, when the economic liberalization policies were implemented, India has experienced rapid economic growth which has resulted in the sturdy growth of the GDP. These reforms opened the economy to international market, reducing trade barriers, and encouraged private sector investment and participation in the economy, leading to increased productivity and competition <ref> | <p style="text-align:justify">i) Increased GDP: Since 1990s, when the economic liberalization policies were implemented, India has experienced rapid economic growth which has resulted in the sturdy growth of the GDP. These reforms opened the economy to international market, reducing trade barriers, and encouraged private sector investment and participation in the economy, leading to increased productivity and competition <sup><ref>#cite_note-2 [2]</ref></sup>.</p> | ||
<p style="text-align:justify">ii) Foreign direct investment: liberalisation policies played a pivotal role in the substantial increase in FDI. These has increased the capital inflow, technologies, and managerial expertise into the Indian economy, resulting in growth of economy and industries and creation of employment opportunities <ref> | <p style="text-align:justify">ii) Foreign direct investment: liberalisation policies played a pivotal role in the substantial increase in FDI. These has increased the capital inflow, technologies, and managerial expertise into the Indian economy, resulting in growth of economy and industries and creation of employment opportunities <sup><ref>#cite_note-3 [3]</ref></sup>.</p> | ||
<p style="text-align:justify">iii) Growth in export: India’s export has expanded significantly. Traditionally dominated by sectors like textiles and agriculture, it now exports a wide range of goods and service, including information technologies, pharmaceuticals and services <ref> | <p style="text-align:justify">iii) Growth in export: India’s export has expanded significantly. Traditionally dominated by sectors like textiles and agriculture, it now exports a wide range of goods and service, including information technologies, pharmaceuticals and services <sup><ref>#cite_note-4 [4]</ref></sup>.</p> | ||
<p style="text-align:justify">iv) Import of technologies- India’s exposure to the global market has enabled it to import advanced technologies, enhancing productivity and competitiveness across the sector. This technological infusion has vital influence in India’s economic modernization <ref> | <p style="text-align:justify">iv) Import of technologies- India’s exposure to the global market has enabled it to import advanced technologies, enhancing productivity and competitiveness across the sector. This technological infusion has vital influence in India’s economic modernization <sup><ref>#cite_note-5 [5]</ref></sup>.</p> | ||
<p style="text-align:justify">v) Employment and labour market: globalisation has resulted in the creation of employment opportunities, particularly in IT and service sector this is due to the influence of foreign companies and the expansion of the domestic industries. Further there is increases in the mobility of the labour in India and across the border.</p> | <p style="text-align:justify">v) Employment and labour market: globalisation has resulted in the creation of employment opportunities, particularly in IT and service sector this is due to the influence of foreign companies and the expansion of the domestic industries. Further there is increases in the mobility of the labour in India and across the border.</p> | ||
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<p style="text-align:justify">Globalization has played a pivotal role in shaping modern India, driving economic growth, and opening new opportunities. However, it also presents significant challenges, including managing economic inequality, preserving cultural identity, and ensuring sustainable development. The overall impact of globalization on India is multifaceted, with both positive and negative dimensions that continue to evolve.</p> | <p style="text-align:justify">Globalization has played a pivotal role in shaping modern India, driving economic growth, and opening new opportunities. However, it also presents significant challenges, including managing economic inequality, preserving cultural identity, and ensuring sustainable development. The overall impact of globalization on India is multifaceted, with both positive and negative dimensions that continue to evolve.</p> | ||
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