Assess the impact of globalization on India and its people.
Answer
Globalization has had a manifold impact on India and its people. The impact of globalization can be witnessed in every nook and corner of India.
- The LPG policy opened up Indian markets to foreign companies, which on one hand gave a tough competition to local industries but on the other hand gave consumers a wide range of choices to pick from.
- India has witnessed a growth in foreign investments .
- The consumer options aren’t limited anymore,they can choose the best from among the variety of options available now. This has improved the standard of living for many.
- India has witnessed a boom in establishment of MNCs , with many having established successful branches in the country.
- This has led to job creation as well as work for local factories that provide raw material to the big giants.
- Some booming sectors are cell phones, FMCGs, automobiles,etc.
Other points:
- Some local companies have been able to invest in newer technology and production methods and have gained immensely. Some have even ventured into tie ups with foreign companies and set up bigger corporate giants, e.g. TATA, Infosys, etc.
- Companies providing services have also benefited from globalization, the IT sector being at the top.
- It has also led to tough competition for local industries.
