What is Globalisation?

It means Integration of Country's economy with World's economy.

Globalization-Meaning and Example - Teachoo.JPG

Important Points of Globalisation

Globalisation means following set of policies which lead to:

1 Greater interdependence and integration of world

2 Happenings In India are Influenced by happening far away

3 Various Economic ,Social Geoghraphical boundaries are broken

4 World becomes borderless (Different countries of world become one whole)

Important Points of Globalisation - Teachoo.JPG

Outcomes of Globalisation - Examples

Example 1

Earlier, we used to purchase goods and services within India

But now due to globalisation, we are free to buy goods and services from outside India also

 

Example 2

Due to Globalisation, Foreign MNC are free to set up business in India and earn profit

This has led to job opportunities for millions of people

 

Example 3

Due to Globalisation, Foreign Companies outsource their work to India

This has led to new outsourcing business set up in India as well as jobs to India'a people

Effect of Globalisation in India - Teachoo.JPG

Effect of Globalisation in India 2 - Teachoo.JPG

 

 

MCQ Other Books

Q1

In the following questions, select the correct answers:

1 _____ means integrating the domestic economy with the world economy.

A Globalisation

B Liberalisation

C Disinvestment

D Privatisation

View Answer
  1. Class 12 NCERT
  2. Indian Economic Development

Transcript

Globalization-Meaning and Example North Korea No interaction with Other Countries Very Little Import, Export, Foreign Trade Very less Tourist visit North Korea Not much Affected by World Events (COVID, Stock market Crash etc.) India Properly Integrated with Outside World Large Imports, Exports, Foreign Trade Large number of Tourist visit India, go abroad Much Affected by World Events (If US Stock Market Crashed, India's Stock Market also crashes) This is due to Globalization What is Globalization? It is integration of Domestic Economy with Global Economy. What is Globalisation? It means integration Of Country’s Domestic economy with World’s Economy Important Points of Globalisation It means following set of policies which lead to Greater interdependence and integration of world Happenings In India are Influenced by happening far away. Example-COVID Various Economic ,Social Geographical boundaries are broken (We can travel and work anywhere) World becomes borderless (Different countries of world become one whole) Effect of Globalisation in India Before 1991 Indian Customers purchased mostly Indian Goods Maruti 800 (INDIA) Not many Foreign Companies (MNC) in India Netherland MNC in India American MNC in India After 1991 Reforms Indian Customers have a choice They can Purchase Either Indian or Foreign Goods Maruti 800 (INDIA) Hyundai Santro (South Korea) Lot of MNC (Multi-National Companies) Both Foreign and Indian Providing Jobs to lakhs of People Foreign MNC in India Indian MNC Operating worldwide Effect of Globalisation in India BEFORE 1991 No Outsourcing to India USA Company USA Call Center AFTER 1991 REFORMS Large Business Process Outsourcing (BPO) to India USA Company Indian Call Center Indian Call Center working for US Client Benefits Providing Business to Outsourcing Companies Jobs to Employees

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