essay on impact of globalisation in india

Globalization of Markets

Journey into the Globalization of Markets

Impact of Globalisation on India: Advantages, Effects, and Development

India, a country known for its vibrant culture and rich heritage, has not been immune to the forces of globalization. With the world becoming increasingly interconnected, the impacts of globalization on the Indian industry and market have been profound. Globalization, characterized by growing trade, foreign investment , and technological advancements , has left an indelible mark on this diverse nation. The impact of this phenomenon on India’s economy, society, and culture has been profound and multifaceted .

On one hand, globalization has opened up new avenues for economic growth and development in the Indian industry. Foreign direct investment (FDI) has poured into the country, creating jobs and boosting economies. However, it is important to recognize that globalization also brings impacts. As India integrates further into the global economy, it must navigate complex issues such as income inequality and cultural assimilation.

From examining government policies to exploring societal changes, we will uncover how globalization has shaped the Indian economy and Indian industry, making them an integral part of our interconnected world. So let’s take a closer look at how globalization has shaped modern-day India and its impact on the national economy.

Table of Contents

Advantages of Globalisation in India

• Increased foreign direct investment (FDI) has significantly boosted the Indian economy. FDI has poured into the country, bringing in capital and creating job opportunities for the Indian workforce. This influx of investment has propelled various sectors, such as manufacturing, services, and technology, leading to overall economic development. The globalization of economies and the emphasis on free trade have contributed to this positive trend in industrial nations like India.
• Globalisation has enabled Indian businesses to tap into foreign countries, boosting their exports and bolstering the economy. With increased access to international markets, Indian companies have expanded their customer base globally, driving revenue growth and enhancing the reputation of Indian products worldwide. This is all thanks to the benefits of free trade.
• Through globalization, the Indian industry has gained access to advanced technology and knowledge transfer from developed countries, which has accelerated innovation in various sectors of the Indian economy. This exchange of knowledge and expertise has fueled innovation in industries like information technology, healthcare, and renewable energy, contributing to the growth of the Indian economy in the era of free trade.

Globalisation has had a significant impact on India’s economy, specifically on the Indian industry, FDI, and trade.

• Increased foreign direct investment (FDI) leading to economic growth.
• The expansion of export markets in the era of globalization has led to higher revenues for Indian businesses, boosting the economy and promoting trade. This growth is also attributed to increased foreign direct investment (FDI) flowing into the country.
• Accelerated innovation through access to advanced technology and knowledge transfer is crucial for the Indian industry to thrive in the era of globalization and trade. The integration of foreign direct investment (FDI) can further enhance this process.

These benefits have contributed towards transforming the Indian industry into a dynamic player on the global stage while driving progress across multiple sectors of its economy. The globalization of India has been facilitated by FDI, attracting investments from various nations.

Effects of Globalisation on Indian Economy

Liberalization policies have allowed for greater participation of foreign companies in the indian market..

Foreign companies have been able to enter the Indian market more freely due to globalization and the liberalization policies implemented. This has resulted in increased competition, FDI, and access to a wider range of products and services for consumers, benefiting the Indian economy.

• Foreign direct investment (FDI) has surged due to globalization, leading to improved infrastructure and technology transfer in the Indian industry. This has facilitated trade between nations.
• Increased employment opportunities have been created in the Indian industry due to globalization and the influx of foreign direct investment (FDI) and trade. Foreign companies setting up operations in India have played a significant role in this aspect.

The service sector, particularly IT outsourcing, has flourished due to globalisation.

The impact of globalization on the Indian economy is evident in the growth of the service sector, specifically through IT outsourcing. Globalization has led to increased foreign direct investment (FDI) and expanded trade between nations.

• India has become a hub for software development, call centers, back-office operations, and trade in the globalized world of Indian industry.
• The process of globalization and increased trade between nations has led multinational corporations from around the world to outsource their services to India, taking advantage of the availability of skilled labor at competitive costs.

However, global competition has also posed challenges for domestic industries.

While globalization has brought numerous benefits to the Indian economy and connected nations around the world, it has also presented challenges for domestic industries.

• Domestic manufacturers face intense competition from cheaper imported goods.
• Traditional sectors such as textiles and handicrafts have struggled to compete in the globalized world with mass-produced items from other nations.

Influence of Globalisation on IT Industry and Social Mobility

The impact of globalization on India, a nation in the world, has been particularly evident in the Information Technology (IT) industry, which has experienced remarkable growth . This sector’s expansion is largely attributed to the presence of multinational corporations (MNCs) and their investments in India. As a result, the country has witnessed a surge in job opportunities for skilled professionals, leading to significant advancements in social mobility.

The following points highlight the influence of globalization on the IT industry and its implications for social mobility in a globalized world. The interconnectedness of nations has greatly impacted the IT industry, leading to both opportunities and challenges for individuals seeking to improve their social mobility.

• The IT industry in India has flourished due to globalization, with MNCs from various nations establishing their operations and outsourcing work to Indian companies. This influx of foreign investment has propelled the growth of this sector.
• Job creation within the IT industry has played a crucial role in enhancing social mobility in the era of globalization. Skilled individuals from different nations have found employment opportunities that offer better wages and improved living standards.
• Globalisation has played a crucial role in fostering innovation within the Indian IT sector. The exposure to advanced technologies and practices employed by industrial nations has led to significant knowledge transfer, contributing to the further growth and development of the industry.
• The rise of globalization and information technology-driven businesses has empowered individuals and nations by providing access to new consumer choices and opportunities for entrepreneurship.
• While globalization has positively impacted social mobility within the IT industry, concerns have emerged regarding job displacement in nations. Automation and outsourcing pose potential threats as companies seek cost-effective measures, potentially affecting workers’ livelihoods in the context of globalization.
• It is important for nations to address the challenges of globalization by investing in upskilling programs and encouraging diversification into other sectors such as manufacturing or the financial sector.

Implications of Globalisation on Indian Society

Adoption of western lifestyles and values among indian youth.

Globalisation has led to a cultural exchange between nations, greatly influencing Indian society. One significant impact is the adoption of Western lifestyles and values among Indian youth. They are increasingly embracing Western fashion, music, and entertainment, which have become popular through globalization. This shift in cultural preferences can be seen in the way young Indians dress, listen to music, and even interact with others.

Urbanization and Migration for Better Employment Opportunities

Another implication of globalization on Indian society is the increase in urbanization and migration among nations. As people from different nations seek better employment opportunities influenced by global trends, they are flocking to urban areas. The allure of improved living standards and access to modern amenities has driven this trend among nations. With globalization opening up new avenues for work, individuals from rural areas in different nations are moving to cities in search of better livelihoods among nations.

Challenges Faced by Traditional Industries

Globalisation has posed challenges for traditional industries in India, including the handicrafts sector. These artisans face competition from cheap imported goods due to global trade, impacting their livelihoods and the preservation of India’s cultural heritage.

Access to Global Markets and Education in India

Globalisation has had a significant impact on India, particularly in terms of access to global markets and education. Indian businesses have benefited greatly from the opening up of international trade, allowing them to tap into new markets and expand their customer base worldwide. This increased access to the global market has created numerous job opportunities and boosted economic growth in the country, benefiting both India and other nations.

In addition to expanding business prospects, globalization has also facilitated collaborations between nations, such as India, and foreign universities. Through student exchange programs and joint research initiatives, Indian students have gained access to high-quality education and diverse learning experiences. This exposure has helped nurture a globally competitive workforce that can contribute effectively to various industries.

However, it is important to acknowledge the concerns surrounding globalization and brain drain. Talented individuals often choose to migrate abroad for better educational and career prospects in the era of globalization. While this contributes positively to global knowledge sharing, it can lead to a loss of skilled professionals within India due to globalization. Addressing brain drain requires efforts focused on creating attractive employment opportunities domestically, encouraging entrepreneurship in the face of globalization, and improving the overall quality of education to adapt to the challenges of globalization.

Environmental and Natural Resource Challenges due to Globalisation

Rapid industrialization driven by globalization has led to a surge in pollution levels in India. The demand for natural resources, such as water and energy, has intensified with the country’s economic growth. As a result, India faces several environmental and natural resource challenges due to globalization.

• Increased Pollution Levels : The rapid industrial expansion fueled by globalization has caused a significant increase in pollution levels across India. With the outsourcing of manufacturing processes from developed nations to countries like India, the use of chemical substances and unrefined components has risen due to globalization. This has contributed to air, water, and soil pollution.
• Growing Demand for Resources in the Era of Globalization: Globalization has accelerated the demand for resources in India, driven by economic policies. The increased industrial activity necessitates significant amounts of energy and water. The agricultural sector heavily relies on water resources for irrigation purposes. Consequently, there is immense pressure on these resources due to globalization-driven growth.

To overcome these challenges:

• Emphasize Globalization and Sustainable Practices: Encouraging industries to adopt sustainable methods can help reduce pollution levels while supporting economic growth in the context of globalization.
• Efficient Resource Management in the era of globalization: Implementing efficient supply chain systems can optimize resource utilization in various sectors and keep up with the demands of globalization.
• Focus on Renewable Energy Sources: Promoting renewable energy alternatives such as solar or wind power can alleviate the strain on traditional energy sources like petroleum in the era of globalization.
• Address Agricultural Water Usage: Developing innovative techniques for water management in agriculture will ensure optimal usage without depleting valuable water resources.
• Rural Areas Development: Providing infrastructure and support to rural areas will help diversify their economies beyond agriculture and reduce dependency on limited resources.

India, like many other nations, faces environmental and natural resource challenges resulting from globalisation. By prioritizing sustainable development practices and implementing effective resource management strategies, the country can mitigate these challenges while continuing to benefit from global economic integration.

Overall Impact of Globalisation on India

In conclusion, the impact of globalisation on India has been both profound and multifaceted. The advantages are evident in terms of economic growth, increased access to global markets , and advancements in the IT industry . However, there are also implications for Indian society , environmental challenges , and resource management.

Globalisation has brought numerous benefits to India. It has opened up opportunities for trade and investment, leading to economic growth and job creation. The IT industry has particularly flourished due to globalisation, providing a platform for social mobility and technological advancement.

Nevertheless, globalisation has not been without its drawbacks. Indian society has experienced significant changes as traditional values have clashed with Western influences. This cultural shift demands careful consideration to preserve the unique identity of the nation.

Furthermore, globalisation has posed environmental challenges for India. Increased industrialization and consumption patterns have led to pollution and depletion of natural resources. Sustainable practices must be implemented to mitigate these adverse effects.

To navigate the complexities of globalisation effectively, it is crucial for India to prioritize education at all levels. By investing in quality education systems that equip individuals with necessary skills, India can better adapt to the demands of a rapidly changing world.

In conclusion, while globalisation has undoubtedly brought progress and opportunities for India, it is essential to address its implications comprehensively. By embracing sustainable practices, preserving cultural heritage, and prioritizing education, India can harness the benefits while mitigating potential risks associated with global integration.

Q: How has globalisation impacted employment in India?

Globalisation has had a significant impact on employment in India by creating new job opportunities across various sectors such as manufacturing, services (particularly IT), and outsourcing industries.

Q: Has globalisation improved living standards in India?

Yes! Globalisation has contributed to improving living standards in India through increased economic growth, higher wages in certain industries like IT services or manufacturing sectors, and access to a wider range of consumer goods.

Q: What are the environmental challenges faced by India due to globalisation?

India has faced environmental challenges such as increased pollution levels, depletion of natural resources, and climate change impacts resulting from industrialization and consumption patterns associated with globalisation.

Q: How has globalisation affected Indian culture?

Globalisation has influenced Indian culture by introducing Western influences and changing societal norms. This cultural shift has led to both positive and negative consequences, requiring careful consideration to preserve the unique identity of the nation.

Q: What role does education play in navigating globalisation for India?

Education plays a crucial role in equipping individuals with the necessary skills to adapt to the demands of a rapidly changing world. By prioritizing education at all levels, India can effectively navigate the complexities of globalisation and ensure its citizens are prepared for future challenges.

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Effects of Globalization on Indian Society

Last updated on April 9, 2022 by ClearIAS Team

Globalization has virtually diminished the distances and connected the whole world. Read here to know the effect of globalization on Indian society.

Globalization is a term used to describe how trade and technology have made the world a more connected and interdependent place. Globalization also captures in its scope the economic and social changes that have come about as a result.

In today’s world, consumers have a wide choice of goods and services before them. The latest models of digital cameras, mobile phones, and televisions made by the leading manufacturers of the world are within the reach. Every season, new models of automobiles can be seen on Indian roads. Gone are the days when Ambassador and Fiat were the only cars on Indian roads.

Today, Indians are buying cars produced by nearly all the top companies in the world. A similar explosion of brands can be seen for many other goods: from shirts to televisions to processed fruit juices. Such a wide-ranging choice of goods in our markets is a relatively recent phenomenon.

One wouldn’t have found such a wide variety of goods in Indian markets two decades back. In a matter of years, our markets have been transformed! How do we understand these rapid transformations? What are the factors that brought about these changes? And, how did these changes affect the lives of the people? The answer to all these questions starts with ‘globalization’.

Table of Contents

Effect of globalization on Indian society

Globalization has several aspects and can be political, cultural, social, and economic, out of which financial integration is the most common aspect. India is one of the fastest-growing economies in the world and is predicted to reach the top three in the next decade.

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India’s massive economic growth is largely due to globalization which was a transformational change that didn’t occur until the 1990s. Since then, the country’s gross domestic product (GDP) has grown at an exponential rate.

The many effects of globalization on Indian society and multiple aspects of it have been discussed here.

Impact of globalization on the Indian economy

Overall, globalization has improved various aspects of India, like:

• International trade relations
• Technology and communication
• Corporate world
• Social and cultural expansion

The reduction of export subsidies and import barriers enabled free trade that made the Indian market attractive to the international community. The untapped potential of the nascent Indian market was opened to the global market and the significant changes were made to its industrial, financial, and agricultural sectors:

Industrial   sector: It saw a massive influx of both foreign capital investments ’ India became a favorite offshore market for pharmaceutical manufacturing, chemical, and petroleum industries. This brought advanced technologies and processes that helped in the modernization of the Indian industrial sector.

Financial sector: Prior to globalization and privatization, India’s financial sector had been mismanaged by a combination of corrupt and inept government officials. The privatization of the financial space created a much more dynamic financial services sector.

Agricultural sector: India still has a largely agrarian society , with a significant majority of the country’s population depending on this sector either directly or indirectly for their livelihood. The new technological capabilities of farmers have increased helping drive global exports of Indian products such as tea, coffee, and sugar.

The betterment of these sectors has brought about an increase in national income, employment, exports, and GDP growth.

Advantages of globalization for India

• The increasing globalization of India has access to markets of the country to foreign companies seeking to invest and operate within the massive Indian market.
• Increase in employment opportunities.
• Initially, globalization gave foreigners access to an inexpensive, robust labor force. But as the country has progressed, the labor force has grown more skilled and educated over time. Now India has the largest diaspora living abroad.
• For foreign investors considering the economy as a whole, India offers a well-diversified export basket. This has been highlighted in the Economic Survey of India as well.

The cultural impact of globalization on Indian society

The process of globalization increased access to television and other entertainment sources over the years. Even in the rural areas satellite television has an established market. In the cities, Internet facility is everywhere and it is being extended to rural areas also through schemes like Smart Cities Mission .

There is an increase in the global food chain and restaurants in the urban areas of India. Multiple movie halls, big shopping malls, and high-rise residential are seen in every city.

The entertainment sector in India has now obtained a global market. After economic liberalization, Bollywood expanded its area and showed a major presence on the global scale. Bollywood movies are quite famous in Middle Eastern and many African countries as well.

Western styles began to be incorporated into Bollywood films to expand the outreach.

As these new cultural ideologies began to permeate the Indian population, the Indian urban population was pushed to re-evaluate their traditional Indian cultural ideology.

Bollywood movies are also distributed and accepted at the international level. Big international companies like Walt Disney, 20th Century Fox, and Columbia Pictures are investing in this sector.

Similarly, famous International brands such as Armani, Gucci, Nike, and Omega are also making investments in the Indian market with the changing of fashion statement of Indians.

Women are getting the equal opportunities they very well deserve now in more numbers due to the globalization of the market. Their empowerment has given considerable opportunities and possibilities for improving employment conditions through global solidarity and coordination. It is found that the growth of computers and other technologies enabled women with better waged, flex timings, and capacity to negotiate their role and status in-home and at the corporate level.

Effects of Globalization on Indian Education:

There is a profound effect observed in the educational sector due to globalization such as the literacy rate becoming high.

Foreign Universities are collaborating with different Indian Universities now, expanding the reach for Indian students.

The Indian educational system embraced globalization through Information technology and it offers opportunities to evolve new paradigms shifts in developmental education.

The shift from largely uneducated to an industrial society to an information society has gradually taken shape.

Globalization promotes new tools and techniques such as E-learning, Flexible learning, Distance Education Programs, and Overseas training.

Many government schemes like the ‘ New Education Policy ’ are pushing for a more global education system to make Indian students from every walk of life at par with the global community.

Challenges of globalization in Indian society

• Economically, for a large market like India is harder to maintain a free, convertible, and open access enabled transnational market.
• Globalization also means growing interdependence in other nations- this can issues like misdistribution of resources. The parity between underdeveloped, developing, and developed remains status quo in many cases.
• The universalization of information technology has boons but also banes, in terms of cybercrimes and other darknet activities . The increase in the number of cyberattacks in India is proof of this.
• Globalization does have a great effect on the ecologies and environments of nations that need safeguards that lessen the negative effects rather than exploiting them without regard to such concerns.
• The negative effects of globalization on the Indian Industry are that with the coming of technology the number of labor required is decreased and this resulted in increasing unemployment, especially in the arena of the pharmaceutical, chemical, manufacturing, and cement industries.
• There are a few challenges for companies due to globalization such as Migration, relocation, labor shortages, competition, and changes in skills and technology.

The effects of globalization on Indian society are manifold and have been discussed in detail. The process of globalization has changed the industrial pattern and social life of people. This has had an immense impact on Indian trade, finance, and cultural system.

The globalization of the economic, social, and cultural structures happened in simultaneously. Previously, the pace of the process was slow but now the change is happening in every arena at lightning-fast speed with the use of information technology.

Globalization has resulted in an increase in the production of a range of goods and services. MNCs have established manufacturing plants all over the world. It has positive effects on India and the administration is trying its best to overcome many obstacles and adopt global policies to expand business an international scale.

India is surely gaining international recognition which leads to the strengthening of economic and political areas.

Truly, globalization has made the world a small place, a whole lot of different people interconnected in diverse ways.

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Impact of Globalisation on India

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.

What are the factors aiding globalization?

1) Technology : has reduced the speed of communication manifolds. The phenomenon of social media in the recent world has made distance insignificant.

The integration of technology in India has transformed jobs that required specialized skills and lacked decision-making skills into extensively defined jobs with higher accountability that require new skills, such as numerical, analytical, communication, and interactive skills. As a result of this, more job opportunities are created for people.

2) LPG Reforms : The 1991 reforms in India have led to greater economic liberalization which has in turn increased India’s interaction with the rest of the world.

3) Faster Transportation: Improved transport, making global travel easier. For example, there has been a rapid growth in air-travel, enabling greater movement of people and goods across the globe.

4) Rise of WTO: The formation of WTO in 1994 led to reduction in tariffs and non-tariff barriers across the world. It also led to the increase in the free trade agreements among various countries.

5) Improved mobility of capital : In the past few decades there has been a general reduction in capital barriers, making it easier for capital to flow between different economies. This has increased the ability for firms to receive finance. It has also increased the global interconnectedness of global financial markets.

6) Rise of MNCs : Multinational corporations operating in different geographies have led to a diffusion of best practices. MNCs source resources from around the globe and sell their products in global markets leading to greater local interaction.

These factors have helped in economic liberalization and globalization and have facilitated the world in becoming a “global village”. Increasing interaction between people of different countries has led to internationalization of food habits, dress habits, lifestyle and views.

Globalization and India:

Developed countries have been trying to pursue developing countries to liberalize the trade and allow more flexibility in business policies to provide equal opportunities to multinational firms in their domestic market. International Monetary Fund (IMF) and World Bank helped them in this endeavour. Liberalization began to hold its foot on barren lands of developing countries like India by means of reduction in excise duties on electronic goods in a fixed time frame.

Indian government did the same and liberalized the trade and investment due to the pressure from World Trade Organization. Import duties were cut down phase-wise to allow MNC’s operate in India on equality basis. As a result globalization has brought to India new technologies, new products and also the economic opportunities.

Despite bureaucracy, lack of infrastructure, and an ambiguous policy framework that adversely impact MNCs operating in India, MNCs are looking at India in a big way, and are making huge investments to set up R&D centers in the country. India has made a lead over other growing economies for IT, business processing, and R&D investments. There have been both positive and negative impacts of globalization on social and cultural values in India.

IMPACTS OF GLOBALISATION IN INDIA

Economic Impact:

• Greater Number of Jobs : The advent of foreign companies and growth in economy has led to job creation. However, these jobs are concentrated more in the services sector and this has led to rapid growth of service sector creating problems for individuals with low level of education. The last decade came to be known for its jobless growth as job creation was not proportionate to the level of economic growth.
• More choice to consumers : Globalisation has led to a boom in consumer products market. We have a range of choice in selecting goods unlike the times where there were just a couple of manufacturers.
• Higher Disposable Incomes : People in cities working in high paying jobs have greater income to spend on lifestyle goods. There has been an increase in the demand of products like meat, egg, pulses, organic food as a result. It has also led to protein inflation.

Protein food inflation contributes a large part to the food inflation in India. It is evident from the rising prices of pulses and animal proteins in the form of eggs, milk and meat.

With an improvement in standard of living and rising income level, the food habits of people change. People tend toward taking more protein intensive foods. This shift in dietary pattern, along with rising population results in an overwhelming demand for protein rich food, which the supply side could not meet. Thus resulting in a demand supply mismatch thereby, causing inflation.

In India, the Green Revolution and other technological advancements have primarily focused on enhancing cereals productivity and pulses and oilseeds have traditionally been neglected.

• Shrinking Agricultural Sector: Agriculture now contributes only about 15% to GDP. The international norms imposed by WTO and other multilateral organizations have reduced government support to agriculture. Greater integration of global commodities markets leads to constant fluctuation in prices.
• This has increased the vulnerability of Indian farmers. Farmers are also increasingly dependent on seeds and fertilizers sold by the MNCs.
• Globalization does not have any positive impact on agriculture. On the contrary, it has few detrimental effects as government is always willing to import food grains, sugar etc. Whenever there is a price increase of these commodities.
• Government never thinks to pay more to farmers so that they produce more food grains but resorts to imports. On the other hand, subsidies are declining so cost of production is increasing. Even farms producing fertilizers have to suffer due to imports. There are also threats like introduction of GM crops, herbicide resistant crops etc.
• Increasing Health-Care costs: Greater interconnections of the world has also led to the increasing susceptibility to diseases. Whether it is the bird-flu virus or Ebola, the diseases have taken a global turn, spreading far and wide. This results in greater investment in healthcare system to fight such diseases.
• Child Labour : Despite prohibition of child labor by the Indian constitution, over 60 to a 115 million children in India work. While most rural child workers are agricultural laborers, urban children work in manufacturing, processing, servicing and repairs. Globalization most directly exploits an estimated 300,000 Indian children who work in India’s hand-knotted carpet industry, which exports over $300 million worth of goods a year.

Socio-Cultural Impact on Indian Society

Nuclear families are emerging. Divorce rates are rising day by day. Men and women are gaining equal right to education, to earn, and to speak. ‘Hi’, ‘Hello’ is used to greet people in spite of Namaskar and Namaste. American festivals like Valentines’ day, Friendship day etc. are spreading across India.

• Access to education : On one hand globalisation has aided in the explosion of information on the web that has helped in greater awareness among people. It has also led to greater need for specialisation and promotion of higher education in the country.
• On the flip side the advent of private education, coaching classes and paid study material has created a gap between the haves and have-nots. It has become increasingly difficult for an individual to obtain higher education.
• Growth of cities : It has been estimated that by 2050 more than 50% of India’s population will live in cities. The boom of services sector and city centric job creation has led to increasing rural to urban migration.
• Indian cuisine: is one of the most popular cuisines across the globe. Historically, Indian spices and herbs were one of the most sought after trade commodities. Pizzas, burgers, Chinese foods and other Western foods have become quite popular.
• Clothing: Traditional Indian clothes for women are the saris, suits, etc. and for men, traditional clothes are the dhoti, kurta. Hindu married women also adorned the red bindi and sindhur, but now, it is no more a compulsion. Rather, Indo-western clothing, the fusion of Western and Sub continental fashion is in trend. Wearing jeans, t-shirts, mini skirts have become common among Indian girls.
• Indian Performing Arts: The music of India includes multiples varieties of religious, folk, popular, pop, and classical music. India’s classical music includes two distinct styles: Carnatic and Hindustani music. It remains instrumental to the religious inspiration, cultural expression and pure entertainment. Indian dance too has diverse folk and classical forms.
• Bharatanatyam, Kathak, Kathakali, Mohiniattam, Kuchipudi, Odissi are popular dance forms in India. Kalarippayattu or Kalari for short is considered one of the world’s oldest martial art. There have been many great practitioners of Indian Martial Arts including Bodhidharma who supposedly brought Indian martial arts to China.
• T he Indian Classical music has gained worldwide recognition but recently, western music is too becoming very popular in our country. Fusing Indian music along with western music is encouraged among musicians. More Indian dance shows are held globally. The number of foreigners who are eager to learn Bharatanatyam is rising. Western dance forms such as Jazz, Hip hop, Salsa, Ballet have become common among Indian youngsters.
• Nuclear Families : The increasing migration coupled with financial independence has led to the breaking of joint families into nuclear ones. The western influence of individualism has led to an aspirational generation of youth. Concepts of national identity, family, job and tradition are changing rapidly and significantly.
• Old Age Vulnerability : The rise of nuclear families has reduced the social security that the joint family provided. This has led to greater economic, health and emotional vulnerability of old age individuals.
• Pervasive Media : There is greater access to news, music, movies, videos from around the world. Foreign media houses have increased their presence in India. India is part of the global launch of Hollywood movies which is very well received here. It has a psychological, social and cultural influence on our society.
• McDonaldization : A term denoting the increasing rationalization of the routine tasks of everyday life. It becomes manifested when a culture adopts the characteristics of a fast-food restaurant. McDonaldization is a reconceptualization of rationalization, or moving from traditional to rational modes of thought, and scientific management.
• Walmartization : A term referring to profound transformations in regional and global economies through the sheer size, influence, and power of the big-box department store WalMart. It can be seen with the rise of big businesses which have nearly killed the small traditional businesses in our society.

Psychological Impact on Indian Society

• Development of Bicultural Identity : The first is the development of a bicultural identity or perhaps a hybrid identity, which means that part of one’s identity is rooted in the local culture while another part stems from an awareness of one’s relation to the global world.
• The development of global identities is no longer just a part of immigrants and ethnic minorities. People today especially the young develop an identity that gives them a sense of belonging to a worldwide culture, which includes an awareness of events, practices, styles and information that are a part of the global culture. Media such as television and especially the Internet, which allows for instant communication with any place in the world, play an important part in developing a global identity.

A good example of bicultural identity is among the educated youth in India who despite being integrated into the global fast paced technological world, may continue to have deep rooted traditional Indian values with respect to their personal lives and choices such as preference for an arranged marriage, caring for parents in their old age.

• Growth of Self-Selected Culture : means people choose to form groups with like-minded persons who wish to have an identity that is untainted by the global culture and its values. The values of the global culture, which are based on individualism, free market economics, and democracy and include freedom, of choice, individual rights, openness to change, and tolerance of differences are part of western values. For most people worldwide, what the global culture has to offer is appealing. One of the most vehement criticisms of globalization is that it threatens to create one homogeneous worldwide culture in which all children grow up wanting to be like the latest pop music star, eat Big Macs, vacation at Disney World, and wear blue jeans, and Nikes.
• Emerging Adulthood : The timing of transitions to adult roles such as work, marriage and parenthood are occurring at later stages in most parts of the world as the need for preparing for jobs in an economy that is highly technological and information based is slowly extending from the late teens to the mid-twenties. Additionally, as the traditional hierarchies of authority weaken and break down under the pressure of globalization, the youth are forced to develop control over their own lives including marriage and parenthood. The spread of emerging adulthood is related to issues of identity.
• Consumerism : Consumerism has permeated and changed the fabric of contemporary Indian society. Western fashions are coming to India: the traditional Indian dress is increasingly being displaced by western dresses especially in urban areas. Media- movies and serials- set a stage for patterns of behavior, dress codes and jargon. There is a changing need to consume more and more of everything.

Globalisation is an age old phenomenon which has been taking place for centuries now. We can experience it so profoundly these days because of its increased pace. The penetration of technology and new economic structures are leading to an increased interaction between people. As with other things there have been both positive and negative impacts on India due to it.

Conclusion: We cannot say that the impact of globalization has been totally positive or totally negative. It has been both. Each impact mentioned above can be seen as both positive as well as negative. However, it becomes a point of concern when, an overwhelming impact of globalization can be observed on the Indian culture.

Every educated Indian seems to believe that nothing in India, past or present, is to be approved unless recognized and recommended by an appropriate authority in the West. There is an all-pervading presence of a positive, if not worshipful, attitude towards everything in western society and culture, past as well as present in the name of progress, reason and science. Nothing from the West is to be rejected unless it has first been weighed and found wanting by a Western evaluation. This should be checked, to preserve the rich culture and diversity of India.

Revisiting the Basics

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• Essay On Globalisation

Globalisation Essay

500+ words essay on globalisation.

Globalisation can be defined as a process of integration of the Indian economy with the world economy. Globalisation has been taking place for the past hundred years, but it has sped up enormously over the last half-century. It has increased the production and exchange of goods and services. Globalisation is a positive outcome of privatisation and liberalisation. Globalisation is primarily an economic process of interaction and integration associated with social and cultural aspects. It is said to be an outcome of different policies to transform the world towards greater interdependence and integration. To explain, in other words, Globalisation is a concept or method of interaction and union among people, corporations, and governments universally.

The top five types of globalisation are:

1. Cultural globalisation

2. Economic globalisation

3. Technological globalisation

4. Political globalisation

5. Financial globalisation

Impact of Globalisation on the Indian Economy

After urbanisation and globalisation, we can witness a drastic change in the Indian economy. The government-administered and established economic policies are imperative in planning income, investment, savings, and employment. These economic policies directly influence while framing the basic outline of the Indian economy.

Indian society is critically impacted by cross-culture due to globalisation, and it brought changes in different aspects of the country in terms of political, cultural, economic and social.

However, the main factor is economic unification which contributes maximum to a country’s economy into an international economy.

Advantages of Globalisation

Labour access: Due to globalisation, nations can now access a broader labour pool. If there is any shortage of knowledgeable workers in any developing nation, they can import labour from other countries. On the other hand, wealthier countries get an opportunity to outsource their low-skill work to developing nations with a low cost of living to reduce the cost of goods sold and move those savings to the customers.

High standard of living: After Globalisation, the Indian economy and the standard of living have increased. The change can be observed in the purchasing behaviour of an individual, especially those associated with foreign companies. Hence, most cities are upgraded with a better standard of living and business development.

Resource Access : The primary reason for trade is to gain access to the resources of other countries. It would have been impossible to produce or manufacture luxurious goods if the flow of resources across countries was not permissible—for example, Smartphones.

Impact of Globalisation

Globalisation in terms of economy is associated with the development of capitalism. The introduction of Globalisation has developed economic freedom and increased the living standard worldwide. It has also fastened up the process of offshoring and outsourcing. Due to outsourcing, transnational companies got an opportunity to exploit medium and small-sized enterprises intensively at a low price worldwide. As a kind of economic venture, outsourcing has increased, in recent times, because of the increase in quick methods of communication, especially the growth of information technology (IT).

Privatization of public utilities and goods, such as security, health, etc., are also impacted by Globalisation. Other goods, such as medicines or seeds, are considered economic goods and have been integrated into recent trade agreements.

This essay on Globalisation will help students to understand the concept more accurately. Students can also visit our BYJU’S website to get more CBSE Essays , question papers, sample papers, etc.

Frequently Asked Questions on Globalisation Essay

What are the benefits of globalisation.

Globalisation gives countries access to foreign cultures and technological innovation from more advanced countries. It provides improved living standards to people. The global exposure it gives has resulted in the emergence of new talent in multiple fields.

What are the main elements of globalisation?

Principle elements of globalisation are international trade, foreign investment, capital market flows, labour migration, and diffusion of technology.

What are the different types of globalisation?

Political, economic and cultural globalisation are the main types of globalisation.

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Home » Economy » Foreign trade and International organizations » Impact of globalization on Indian economy

Globalization and its impact on Indian Economy

Globalization (or globalization) describes a process by which regional economies, societies, and cultures have become integrated through a global network of communication, transportation, and trade.

Positive impacts-

• Investments +new jobs,local companies supplying raw materials, etc. to these industries have prospered.
• Indian companies gained from successful collaborations with foreign companies. Ex: Tata Motors, Infosys.
• With big Indian MNCs contributing to world trade, India can raise its voice for fairer trade rules at WTO.
• Exports would potentially increase therefore making our trade more favourable.
• Consumers have an option to choose from a wide range of products- they can have cheapest, best thing.
• Technological development+ Increase in volume of trade will increase world’s GDP.
• Extension of internet facilities +Infra to remotest rural areas>rural development, inclusive growth.
• We can export what we produce in excess. So, less wastage and we can import what we produce in deficient.
• In agricultural sphere, Globalization promotes contract farming which increases the earning capacities of farmers.

Negative impacts-

• Trade deficit (as in case of India) which hurt most in case of under-developed and developing economies and widen the gap between the developed & not so developed economies.
• Outsourcing of jobs from developed countries to developing countries. It has led to loss of jobs in developed countries and subsequent protectionist measures as recently in USA and Saudi Arabia.
• As the economies are interlinked any financial crisis in one country, especially developed countries will result in slow down in developing economies. Eg-crisis in COVID 19 times
• Agriculture sector not improved as much as services and manufacturing secto- becoming an expensive affairs. + state is withdrawing its extensive role in agriculture.
• Neo-colonialism in smaller developing countries .
• MNC’s ruling the globe and exercising a great political control all over the world+wider economic inequalities.
• Not sustainable growth, development on growing negligence of environment, forests, wildlife etc.
• Destruction of traditional service providers. For example, old restaurants, parathas and lassi are replaced by Mc. Donald’s, Chinese restaurants, etc.
• Advent of a consumer credit society. A person can now buy goods and services even if he does not have sufficient purchasing power at his disposal.

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The Impact of Globalisation on the Indian Economy: A Comprehensive Analysis

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The world is becoming increasingly interconnected, and globalisation has had a significant impact on many countries, including India. The Indian economy, which was once largely closed off from the rest of the world, has undergone a significant transformation in recent years due to increased globalisation. This has led to both opportunities and challenges for India, as the country has had to adapt to a rapidly changing global economy. In this comprehensive analysis, we will explore the various ways in which globalisation has impacted the Indian economy. From trade liberalisation to the rise of multinational corporations, we will examine the key drivers of globalisation and their effects on India.

We will also explore how India has responded to these changes and the policies that have been implemented to help the country navigate the challenges of globalisation. By the end of this analysis, you will have a better understanding of the impact of globalisation on the Indian economy and how it has shaped the country’s growth and development.

Historical Perspective on the Impact of Globalisation on the Indian Economy

India’s economy has a long history, dating back to the ancient times when it was a major trading hub. However, during the colonial era, India’s economy was largely controlled by the British Empire, and trade was limited to a few select industries. After India gained independence in 1947, the country adopted a socialist economic model, which limited foreign investment and trade. This model was designed to promote self-sufficiency and protect India’s domestic industries.

However, in the early 1990s, India began to liberalise its economy, opening up to foreign investment and trade. This was a significant shift in economic policy, and it was driven by a number of factors, including the need to modernise and diversify the economy, reduce the budget deficit, and increase economic growth. The liberalisation of the Indian economy was a major turning point, and it paved the way for increased globalisation.

Also read: Impact Of World War I On India

Positive Impacts of Globalisation on the Indian Economy

Globalisation has had a number of positive impacts on the Indian economy. One of the most significant of these impacts has been the increase in foreign investment. Since liberalisation, India has become a major destination for foreign investment, with multinational corporations investing heavily in the country. This has helped to create new jobs and boost economic growth.

Another positive impact of globalisation has been the increase in trade. India has become a major exporter of goods and services, with exports accounting for a significant portion of the country’s GDP. This has helped to create new opportunities for Indian businesses and has helped to increase the country’s competitiveness on the global stage.

Finally, globalisation has helped to promote innovation and technological advancement in India. With increased access to technology and information, Indian businesses have been able to develop new products and services, and have been able to compete more effectively in the global marketplace.

Also Read: The Indian Economy in Brief

Negative Impacts of Globalisation on the Indian Economy

While globalisation has had many positive impacts on the Indian economy, it has also had some negative impacts. One of the most significant of these impacts has been the loss of jobs in certain sectors, particularly in agriculture and manufacturing. As multinational corporations have moved into India, they have often replaced traditional industries, leading to job losses.

Another negative impact of globalisation has been the increase in income inequality. While the Indian economy has grown significantly in recent years, not all segments of society have benefited equally. The benefits of economic growth have often been concentrated in urban areas and among certain groups, while rural areas and lower-income groups have been left behind.

Finally, globalisation has led to increased environmental degradation in India. With increased economic activity has come increased pollution and resource depletion, leading to a number of environmental challenges. This has had a negative impact on public health and has placed a strain on India’s natural resources.

Also read: UPSC Study material

Impact of Globalisation on Indian Agriculture and Rural Economy

Globalisation has had a significant impact on Indian agriculture and the rural economy. While India has traditionally been an agricultural economy, the sector has been facing a number of challenges in recent years. One of the most significant of these challenges has been the impact of globalisation.

As multinational corporations have moved into India, they have often replaced traditional agricultural practices with more industrialised and capital-intensive methods. This has led to the displacement of small farmers and has had a negative impact on rural communities. In addition, globalisation has led to the growth of agribusiness, which has often focused on cash crops rather than food crops, leading to food shortages and increased food prices.

Impact of Globalisation on Indian Manufacturing and Service Sector

Globalisation has also had a significant impact on the Indian manufacturing and service sectors. With the liberalisation of the Indian economy, foreign companies have been able to set up operations in India, leading to the growth of the manufacturing and service sectors. This has helped to create new jobs and has boosted economic growth.

At the same time, globalisation has led to increased competition in these sectors, which has often led to the closure of small businesses and the displacement of workers. In addition, the growth of the service sector has often been concentrated in urban areas, leading to a widening urban-rural divide.

Role of Foreign Investments in Indian Economy

Foreign investment has played a significant role in the growth of the Indian economy. Since liberalisation, India has become a major destination for foreign investment, with multinational corporations investing heavily in the country. This has helped to create new jobs and has boosted economic growth.

However, there have also been some negative impacts of foreign investment. Multinational corporations have often been accused of exploiting workers and of engaging in environmentally destructive practices. In addition, there have been concerns about the loss of sovereignty that comes with foreign investment, as well as the impact of foreign investment on India’s cultural identity.

Impact of Globalisation on Employment in India

Globalisation has had a significant impact on employment in India. While it has created new jobs in certain sectors, it has also led to the displacement of workers in traditional industries. This has been particularly true in agriculture and manufacturing, where traditional methods have often been replaced by more industrialised and capital-intensive methods.

In addition, globalisation has led to increased competition in the job market, which has often led to lower wages and poorer working conditions. This has had a negative impact on workers, particularly those in lower-income groups.

Challenges Faced by Indian Economy due to Globalisation

While globalisation has brought many benefits to India, it has also presented a number of challenges. One of the most significant of these challenges has been the impact of globalisation on the environment. With increased economic activity has come increased pollution and resource depletion, leading to a number of environmental challenges.

In addition, globalisation has led to increased income inequality, with the benefits of economic growth often being concentrated in urban areas and among certain groups. This has led to a widening urban-rural divide and has left many people behind.

Finally, globalisation has led to increased competition in the job market, which has often led to lower wages and poorer working conditions. This has had a negative impact on workers, particularly those in lower-income groups.

The Impact Of Globalisation On Indian Economy With Examples Foreign investments have increased over the past two decades, leading to the creation of new jobs and a reduction in the unemployment rate to some extent. India is now undertaking accounting, administrative tasks, data entry, and engineering at a lower cost, contributing to the global workforce. Indian companies, particularly those in the IT sector, are seizing new opportunities created by globalization, providing services on a global scale. Top Indian companies such as Infosys, Ranbaxy, and Tata Motors have benefited from increased competition resulting from globalization, propelling their development into multinational entities.

Conclusion: Future of Globalisation in India and the Way Forward

Globalisation has had a significant impact on the Indian economy, both positive and negative. While it has created new opportunities for growth and development, it has also presented a number of challenges, particularly in terms of income inequality and environmental degradation.

Moving forward, it is important for India to continue to embrace globalisation while also addressing these challenges. This will require a balance between economic growth and social welfare, as well as a commitment to sustainable development. By doing so, India can continue to benefit from globalisation while also ensuring that all segments of society benefit equally.

Also Read: STATE UNDER ARTICLE 12 OF THE CONSTITUTION OF INDIA

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• Globalisation Essay

Essay on Globalisation

Globalization means the integration of economies and societies through the flow of information, ideas, technology, goods, services, capital, finance, and people. The true meaning of Globalization in a broad sense is connecting in all areas of human life. It is the process by which other companies or organizations enhance their international reputation or start operating internationally. 

Globalization began thousands of years ago when people and companies bought and sold in distant lands. In the Middle Ages, Central Asia was connected to China and Europe via the famous Silk Road. After World War II and the last two decades, governments of many countries have adopted free-market economies. They have greatly increased their own production potential and created countless new opportunities for international trade and investment. New routes and means to transport goods have been discovered, which has allowed the people to expand their business easily and efficiently. 

The government has reduced all trade barriers and concluded new international agreements to promote trade in goods, services and investment. This profitable action has created opportunities for international trade. In foreign markets, companies with these new opportunities set up new factories and establish production and marketing relationships with foreign partners. Hence, Globalization is defined as an international industrial and financial enterprise.

Overview of Globalization

Globalization means the assimilation of economics and societies through the flow of information, ideas, technologies, goods, services, capital, finance, and people. The real meaning of Globalization in a broad sense is connectivity in all aspects of human life. It is the process where the businesses or other organizations expand international authority or start operating on an international scale.

How the Existence of Globalization Came Into Being?

Globalization had started many thousands of years ago when people and corporations were buying and selling across lands at great distances. In the middle age, Central Asia connected with China and Europe through the famed Silk Road. After the Second World War II and during the last two decades, the governments of many countries have adopted free-market economic systems. They increased their own productive potential immensely and created innumerable new opportunities for international trade and investment.

The governments have reduced all barriers to commerce and established new international agreements to promote trade in goods, services and investments. These beneficial measures gave rise to opportunities for global trade. With these new opportunities in the foreign markets, corporations established new factories and started production and marketing alliances with foreign partners. Hence, Globalization is defined as an international industrial and financial business structure.

Advantages and Disadvantages

The frontiers of the state with increased confidence in the market economy and renewed policies in the private capital and resources, a process of structural adjustment spurred by the studies and with the support of the World Bank and other international organizations have started in many of the developing countries. Globalization has also brought in new opportunities to developing countries. Greater access to developed country markets and technology transfer has promised to improve their productivity and higher standards. 

At the same time, Globalization has also created challenges like growing inequality across and within nations, instability in the financial market and environmental deterioration. Globalization is a fascinating exhibition that can be understood as a global system of competition and connectivity. It has created tough competition among countries and global corporations.

Impact of Globalization in India

The British Colonial rule had destroyed the self-sufficient economy of India and left India to be the poorest Independent country. Our first Prime Minister gave preference to a mixed economy to boost the economic condition of the country. Public sectors were set up along with the private enterprises, but because of the socialistic model of the economy, the new strategy did not produce profitable results. Due to this, a number of public sectors became sick and the growth rates of production began to fall. 

During that time, the poverty of the people in India was increasing at an alarming rate and because of low domestic savings and acute balance of payment crisis, there was no adequate capital for investment. During that time of crisis, Prime Minister PV Narsimha Rao introduced the policy of liberalization, privatization to overcome the financial situation. 

India opened up to Globalization after the economic policy of 1991 came into force. Mounting debts and pressure from the International Monetary Fund drove the nation to go global. The process of Globalization has been an integral part of the recent economic growth of India. Globalization has played a very significant role in the growth of export, leading to the expansion of the job market in India. One of the major sectors of Globalization in India has been in the growth of outsourced IT and Business Process Outsourcing services. There has been an incredible increase in the number of skilled professionals in India employed by domestic and foreign companies to cater service to the customers globally, especially in the USA and Europe. 

There was not a doubt that Globalization in India brought a monumental change in the living standards of the people. People in India realized many benefits from Globalization. The establishment of multinational companies generating billions of jobs and access to umpteen numbers of brands and an increase in the forex reserves of the country took India to a higher platform globally. Despite this monumental change in the economy of the country, India also faced the challenges of severe competition from the foreign market and the domestic producers started fearing marginalization and pulverization because of the better quality products produced by the foreign producers.

Globalization had both desirable and undesirable consequences for India and the world. Even though it has accelerated progress in some countries, it has also widened the gap between the rich and the poor.

The impact of Globalization has been both positive and negative on the entire world, but we can surely hope for more advancement in the global economy due to this process.

FAQs on Globalisation Essay

1. How Did Globalization Help India to Improve the Economic Conditions?

Globalization generated umpteen employment opportunities for the people of India by establishing multinational companies. The policy of liberalization and privatization invited foreign traders to do business with India. This has increased the inflow of men, money, material, labor, technology, etc., from foreign countries to India. People have access to foreign brands and the living standards have improved drastically.

2. How is Globalization a Threat to Domestic Producers?

The domestic producers fear marginalization and pulverization because of the entry of foreign and better quality products.

3. What are the advantages and disadvantages of Globalization?

With increasing confidence in market economies and new policies on private capital and resources, many developing countries are beginning to adapt to developments with the support of the World Bank and other international institutions involved in research and development. Globalization also offers new opportunities for developing countries. Greater access to markets in developed countries and the transfer of technology will increase their productivity and demand.

At the same time, Globalization has created challenges such as increasing inequality between and within countries, instability of financial markets and environmental degradation. Globalization is an interesting exhibition that can also be seen as a system of competition and international relations. This has created intense competition between countries and international companies. 

4. What do you mean by Globalization?

Globalization means the integration of economies and societies through the flow of information, ideas, technology, goods, services, capital, finance, and people. The true meaning of Globalization in a broad sense is a connectedness in all areas of human life. It is the process by which other companies or organizations enhance their international reputation or start operating internationally. Globalization has its own benefits and drawbacks. We can learn more about Globalization and how to write an essay on it in detail on the Vedantu website, which has all the necessary materials that students need in order to write an essay on Globalization. 

5. How can Globalization help India improve its economic situation?

In our present times, Globalization has been a boon to many people as it not only allows companies to expand their business but also makes things accessible for everyone. In a simple sense, we can say that it helps in connecting people with the world. Globalization has created many job opportunities in India through the creation of multinational companies. Policies of liberalization and privatization have encouraged foreign traders to trade with India. This has increased the number of people, money, materials, labor, technology and so on—inflows from abroad to India. People have access to foreign brands and the standard of living has improved significantly.

6. How does Globalization threaten domestic producers?

Domestic producers are afraid of marginalization and due to the entry of foreign and better quality products into the market. Globalization can be associated with increasing income and wealth inequality. Many of the world's poorest people lack access to basic technologies and public goods. They are excluded from treatment. Some critics of globalization point to the loss of economic and cultural diversity as international multinational giants and brands dominate domestic markets in many countries. Globalization can hinder competition if international companies with dominant brands and high technology gain a foothold in key markets, be it telecommunications, the automotive industry, and so on.

7. What are the main industries that have grown tremendously because of Globalization?

The integration of national economies into the global economy is one of the most important developments of the last century. This process of integration, often referred to as Globalization, has manifested itself in a tremendous increase in cross-border trade.

The outsourcing business has grown exponentially due to Globalization. The main industries resulting from Globalization are trade and commerce. Automobile companies, clothing manufacturers and transportation, are the three main industries taken over as a result of Globalization.

Effects of globalization on Indian society

Relevance: Mains: G.S paper I: Effects of globalization on Indian society

INTRODUCTION

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.

What are the factors aiding globalisation?

1)  Technology : has reduced the speed of communication manifolds. The phenomenon of social media in the recent world has made distance insignificant.

The integration of technology in India has transformed jobs which required specialized skills and lacked decision-making skills to extensively-defined jobs with higher accountability that require new skills, such as numerical, analytical, communication and interactive skills. As a result of this, more job opportunities are created for people.

2)  LPG Reforms : The 1991 reforms in India have led to greater economic liberalisation which has in turn increased India’s interaction with the rest of the world.

3)  Faster Transportation:  Improved transport, making global travel easier. For example, there has been a rapid growth in air-travel, enabling greater movement of people and goods across the globe.

4)  Rise of WTO:  The formation of WTO in 1994 led to reduction in tariffs and non-tariff barriers across the world. It also led to the increase in the free trade agreements among various countries.

5)  Improved mobility of capital : In the past few decades there has been a general reduction in capital barriers, making it easier for capital to flow between different economies. This has increased the ability for firms to receive finance. It has also increased the global interconnectedness of global financial markets.

6)  Rise of MNCs : Multinational corporations operating in different geographies have led to a diffusion of best practices. MNCs source resources from around the globe and sell their products in global markets leading to greater local interaction.

These factors have helped in economic liberalization and globalization and have facilitated the world in becoming a “global village”. Increasing interaction between people of different countries has led to internationalization of food habits, dress habits, lifestyle and views.

Globalization and India:

Developed countries have been trying to pursue developing countries to liberalize the trade and allow more flexibility in business policies to provide equal opportunities to multinational firms in their domestic market.  International Monetary Fund (IMF)  and  World Bank  helped them in this endeavour. Liberalization began to hold its foot on barren lands of developing countries like India by means of reduction in excise duties on electronic goods in a fixed time frame.

Indian government did the same and liberalized the trade and investment due to the pressure from World Trade Organization. Import duties were cut down phase-wise to allow MNC’s operate in India on equality basis. As a result globalization has brought to India new technologies, new products and also the economic opportunities.

Despite bureaucracy, lack of infrastructure, and an ambiguous policy framework that adversely impact MNCs operating in India, MNCs are looking at India in a big way, and are making huge investments to set up R&D centers in the country. India has made a lead over other growing economies for IT, business processing, and R&D investments. There have been both positive and negative impacts of globalization on social and cultural values in India.

IMPACTS OF GLOBALISATION IN INDIA

Economic Impact:

• Greater Number of Jobs : The advent of foreign companies and growth in economy has led to job creation. However, these jobs are concentrated more in the services sector and this has led to rapid growth of service sector creating problems for individuals with low level of education. The last decade came to be known for its jobless growth as job creation was not proportionate to the level of economic growth.
• More choice to consumers : Globalisation has led to a boom in consumer products market. We have a range of choice in selecting goods unlike the times where there were just a couple of manufacturers.
• Higher Disposable Incomes : People in cities working in high paying jobs have greater income to spend on lifestyle goods. There has been an increase in the demand of products like meat, egg, pulses, organic food as a result. It has also led to protein inflation.

Protein food inflation  contributes a large part to the food inflation in India. It is evident from the rising prices of pulses and animal proteins in the form of eggs, milk and meat.

With an improvement in standard of living and rising income level, the food habits of people change. People tend toward taking more protein intensive foods. This shift in dietary pattern, along with rising population results in an overwhelming demand for protein rich food, which the supply side could not meet. Thus resulting in a demand supply mismatch thereby, causing inflation.

In India, the Green Revolution and other technological advancements have primarily focused on enhancing cereals productivity and pulses and oilseeds have traditionally been neglected.

• Shrinking Agricultural Sector:  Agriculture now contributes only about 15% to GDP. The international norms imposed by WTO and other multilateral organizations have reduced government support to agriculture. Greater integration of global commodities markets leads to constant fluctuation in prices.
• This has increased the vulnerability of Indian farmers. Farmers are also increasingly dependent on seeds and fertilizers sold by the MNCs.
• Globalization does not have any positive impact on agriculture. On the contrary, it has few detrimental effects as government is always willing to import food grains, sugar etc. Whenever there is a price increase of these commodities.
• Government never thinks to pay more to farmers so that they produce more food grains but resorts to imports. On the other hand, subsidies are declining so cost of production is increasing. Even farms producing fertilizers have to suffer due to imports. There are also threats like introduction of GM crops, herbicide resistant crops etc.
• Increasing Health-Care costs:  Greater interconnections of the world has also led to the increasing susceptibility to diseases. Whether it is the bird-flu virus or Ebola, the diseases have taken a global turn, spreading far and wide. This results in greater investment in healthcare system to fight such diseases.
• Child Labour : Despite prohibition of child labor by the Indian constitution, over 60 to a 115 million children in India work. While most rural child workers are agricultural laborers, urban children work in manufacturing, processing, servicing and repairs. Globalization most directly exploits an estimated 300,000 Indian children who work in India’s hand-knotted carpet industry, which exports over $300 million worth of goods a year.

Socio-Cultural Impact on Indian Society

Nuclear families are emerging. Divorce rates are rising day by day. Men and women are gaining equal right to education, to earn, and to speak. ‘Hi’, ‘Hello’ is used to greet people in spite of Namaskar and Namaste. American festivals like Valentines’ day, Friendship day etc. are spreading across India.

• Access to education : On one hand globalisation has aided in the explosion of information on the web that has helped in greater awareness among people. It has also led to greater need for specialisation and promotion of higher education in the country.
• On the flip side the advent of private education, coaching classes and paid study material has created a gap between the haves and have-nots. It has become increasingly difficult for an individual to obtain higher education.
• Growth of cities : It has been estimated that by 2050 more than 50% of India’s population will live in cities. The boom of services sector and city centric job creation has led to increasing rural to urban migration.
• Indian cuisine:  is one of the most popular cuisines across the globe. Historically, Indian spices and herbs were one of the most sought after trade commodities. Pizzas, burgers, Chinese foods and other Western foods have become quite popular.
• Clothing:  Traditional Indian clothes for women are the saris, suits, etc. and for men, traditional clothes are the dhoti, kurta. Hindu married women also adorned the red bindi and sindhur, but now, it is no more a compulsion. Rather, Indo-western clothing, the fusion of Western and Sub continental fashion is in trend. Wearing jeans, t-shirts, mini skirts have become common among Indian girls.
• Indian Performing Arts:  The music of India includes multiples varieties of religious, folk, popular, pop, and classical music. India’s classical music includes two distinct styles: Carnatic and Hindustani music. It remains instrumental to the religious inspiration, cultural expression and pure entertainment. Indian dance too has diverse folk and classical forms.
• Bharatanatyam, Kathak, Kathakali, Mohiniattam, Kuchipudi, Odissi are popular dance forms in India. Kalarippayattu or Kalari for short is considered one of the world’s oldest martial art. There have been many great practitioners of Indian Martial Arts including Bodhidharma who supposedly brought Indian martial arts to China.
• The Indian Classical music has gained worldwide recognition but recently, western music is too becoming very popular in our country. Fusing Indian music along with western music is encouraged among musicians. More Indian dance shows are held globally. The number of foreigners who are eager to learn Bharatanatyam is rising. Western dance forms such as Jazz, Hip hop, Salsa, Ballet have become common among Indian youngsters.
• Nuclear Families : The increasing migration coupled with financial independence has led to the breaking of joint families into nuclear ones. The western influence of individualism has led to an aspirational generation of youth. Concepts of national identity, family, job and tradition are changing rapidly and significantly.
• Old Age Vulnerability : The rise of nuclear families has reduced the social security that the joint family provided. This has led to greater economic, health and emotional vulnerability of old age individuals.
• Pervasive Media : There is greater access to news, music, movies, videos from around the world. Foreign media houses have increased their presence in India. India is part of the global launch of Hollywood movies which is very well received here. It has a psychological, social and cultural influence on our society.
• McDonaldization : A term denoting the increasing rationalization of the routine tasks of everyday life. It becomes manifested when a culture adopts the characteristics of a fast-food restaurant. McDonaldization is a reconceptualization of rationalization, or moving from traditional to rational modes of thought, and scientific management.
• Walmartization : A term referring to profound transformations in regional and global economies through the sheer size, influence, and power of the big-box department store WalMart. It can be seen with the rise of big businesses which have nearly killed the small traditional businesses in our society.

Psychological Impact on Indian Society

• Development of Bicultural Identity : The first is the development of a bicultural identity or perhaps a hybrid identity, which means that part of one’s identity is rooted in the local culture while another part stems from an awareness of one’s relation to the global world.
• The development of global identities is no longer just a part of immigrants and ethnic minorities. People today especially the young develop an identity that gives them a sense of belonging to a worldwide culture, which includes an awareness of events, practices, styles and information that are a part of the global culture. Media such as television and especially the Internet, which allows for instant communication with any place in the world, play an important part in developing a global identity.

A good example of bicultural identity is among the educated youth in India who despite being integrated into the global fast paced technological world, may continue to have deep rooted traditional Indian values with respect to their personal lives and choices such as preference for an arranged marriage, caring for parents in their old age.

• Growth of Self-Selected Culture : means people choose to form groups with like-minded persons who wish to have an identity that is untainted by the global culture and its values. The values of the global culture, which are based on individualism, free market economics, and democracy and include freedom, of choice, individual rights, openness to change, and tolerance of differences are part of western values. For most people worldwide, what the global culture has to offer is appealing. One of the most vehement criticisms of globalization is that it threatens to create one homogeneous worldwide culture in which all children grow up wanting to be like the latest pop music star, eat Big Macs, vacation at Disney World, and wear blue jeans, and Nikes.
• Emerging Adulthood : The timing of transitions to adult roles such as work, marriage and parenthood are occurring at later stages in most parts of the world as the need for preparing for jobs in an economy that is highly technological and information based is slowly extending from the late teens to the mid-twenties. Additionally, as the traditional hierarchies of authority weaken and break down under the pressure of globalization, the youth are forced to develop control over their own lives including marriage and parenthood. The spread of emerging adulthood is related to issues of identity.
• Consumerism : Consumerism has permeated and changed the fabric of contemporary Indian society. Western fashions are coming to India: the traditional Indian dress is increasingly being displaced by western dresses especially in urban areas. Media- movies and serials- set a stage for patterns of behavior, dress codes and jargon. There is a changing need to consume more and more of everything.

Globalisation is an age old phenomenon which has been taking place for centuries now. We can experience it so profoundly these days because of its increased pace. The penetration of technology and new economic structures are leading to an increased interaction between people. As with other things there have been both positive and negative impacts on India due to it.

Conclusion:  We cannot say that the impact of globalization has been totally positive or totally negative. It has been both. Each impact mentioned above can be seen as both positive as well as negative. However, it becomes a point of concern when, an overwhelming impact of globalization can be observed on the Indian culture.

Every educated Indian seems to believe that nothing in India, past or present, is to be approved unless recognized and recommended by an appropriate authority in the West. There is an all-pervading presence of a positive, if not worshipful, attitude towards everything in western society and culture, past as well as present in the name of progress, reason and science. Nothing from the West is to be rejected unless it has first been weighed and found wanting by a Western evaluation. This should be checked, to preserve the rich culture and diversity of India.

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IMPACTS OF GLOBALIZATION ON THE WORLD ECONOMY AND THE INDIAN ECONOMY AN ASSESSMENT

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Rise And Fall of Globalisation

• 13 Jun 2020
• GS Paper - 2
• Deglobalisation & Protectionism
• Effects of Globalization on Indian Society

This article is based on “Is this the end of the globalisation era?” which was published in The HinduBussines Line on 11/06/2020. It talks about the pros and cons of Globalisation.

Globalisation envisages a borderless world or seeks the world as a global village. It may be attributed by the accelerated flow of goods, people, capital, information, and energy across borders, often enabled by technological developments.

However, isolationism forced by Covid-19 pandemic has paused the growth of globalisation in the world. Though the pandemic has hastened globalisation’s decline, protectionism has been increasing since the global financial crisis 2008 .

The increased unemployment, growing inequality and anaemic growth in the aftermath of the global financial crisis, particularly in the developed world, are the main reasons for the rise of protectionism all across the globe.

In this context, there is a debate all around the world regarding the sustainability of globalisation in the future.

Rise of Globalization

• Origin of Modern Globalisation: What today is referred to as globalisation, started with the end of the Cold war and the disintegration of the Soviet Union in 1991 .
• These ideas were transmitted across the world through free trade and increased inter-country movement of capital and labour.
• The idea that all countries should unequivocally move towards democracy underpinned with capitalism was packaged in policies commonly referred to as the Washington Consensus or neo-liberalism.
• It involves both benefits (such as coordinated crisis strategies) and costs (such as less national self-determination), too.
• A liberal democracy combined with free-market capitalism was the best way to organise society.
• First was offshoring of manufacturing and low-end services jobs to developing countries.
• Second, developed countries run large trade deficits by acting as the market for the increased output of developing countries.
• Third, developing countries financing the trade deficit of the developed countries by accumulating large foreign exchange reserves.

Pros of Globalisation

Access to Goods and Services

• It has also resulted in national capital markets becoming increasingly integrated.

Vehicle of Social Justice

• Transnational companies investing in installing plants in other countries provide employment for the people in those countries often getting them out of poverty.
• The proponents say globalization represents free trade which promotes global economic growth, creates jobs, makes companies more competitive, and lowers prices for consumers.

Increases Cultural Awareness

• A neutral globalized society boosts up the rate at which people are exposed to the culture, attitudes and values of people in other countries.

Sharing Technology and Values

• It also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically and by spreading prosperity.

Decline of Globalisation

The global financial crisis was a turning point, as it struck at the twin foundations of liberal democracy and free-market capitalism.

• The economic rise of China under an authoritarian regime also raised doubts over the efficacy of liberal democracy in solving pressing domestic challenges.
• The pandemic has not only exposed the fragility of highly optimised supply chains that spread across countries but has also shown such inter-country supply chains to be a threat to national security.

Cons of Globalisation

Increasing Inequality

• The general complaint about globalization is that it has made the rich richer while making the poor poorer.
• The UN Development Program reports that the richest 20% of the world's population consume 86% of the world's resources while the rest 80% consume just 14 percent.

Malpractices of MNCs

• Multinational corporations (MNCs) are accused of social injustice, unfair working conditions (including slave labour wages, living and working conditions), as well as lack of concern for the environment, mismanagement of natural resources, and ecological damage.
• Also, Multinational corporations, which were previously restricted to commercial activities, are increasingly influencing political decisions.
• Many think there is a threat of corporations ruling the world because they are gaining power, due to globalization.

Fail to Contribute Towards Desired Gains

• The argument that globalization has helped people in developing most of the countries out of poverty is somehow controversial. Because the opinions differ as to the quantity and the quality of the jobs being offered by globalization.

Contribute Towards Cultural Homogeneity

• Globalisation promotes people's tastes to converge which may lead to more cultural homogeneity.
• Due to this, there is a danger of losing precious cultural practices and languages.
• Also, there are threats of cultural invasion of one country over another.

Given its enormous potential for economic gains, it would be a waste to categorically repudiate the phenomena of Globalisation. Instead, there is a need for better understanding of Globalization's effects and the interplay of its economics with other issue areas.

This editorial is based on “Back From The Brink” which was published in The Hindu on June 12 th , 2020. Now watch this on our Youtube channel.

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Home » JAIIB-CAIIB / Promotion Exams » JAIIB » Impact of Globalisation on India

Impact of Globalization on India: Notes for JAIIB IE & IFS

Impact of Globalization on India : Globalization refers to the process of interconnection and integration among individuals, businesses, and governments across the world. It has had a profound impact on India, shaping the country’s economy, politics, culture, and society in numerous ways. This article examines the various dimensions of globalization and its impact on India.

Impact of Globalization on India

Here we will analyse the impact that the process of globalization has had on India from four different angles:

Economic Impact

Political impact, cultural impact, social impact.

The economic impact of globalization on India has been significant. India has emerged as one of the fastest-growing economies in the world. Its GDP has been growing at an average rate of around 7% in the last decade. The following factors are key features of the economic impact of globalisation on India:

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• Globalization has led to the growth of India’s IT and services sector. This has attracted significant foreign investment and created numerous job opportunities for the country’s youth.
• The liberalization of trade policies and the opening up of the Indian economy to foreign investors have led to the growth of manufacturing industries. These include automobiles and consumer goods.
• India’s integration with the global economy has increased foreign trade and investment. This has led to a rise in the country’s GDP growth rate.
• However, globalization has also led to the widening of the income gap between the rich and the poor. Skilled workers benefit from new job opportunities, while unskilled workers are often left behind.
• The integration of the Indian economy with the global economy has made it vulnerable to external shocks. An example of this is the global financial crisis of 2008 which had a significant impact on India’s economy.
• Globalization has led to the spread of democratic values and ideas. This promotes transparency, accountability, and good governance in the Indian political system.
• Opening up of the Indian economy to foreign investors has increased dependence on foreign trade and investment. This in turn has affected India’s foreign policy and diplomatic relations with other countries.
• India’s integration with the global economy has led to the country’s greater involvement in international institutions such as the World Trade Organization (WTO) and the United Nations (UN). This provides India with a greater voice in global affairs.
• On the other hand it has also led to the erosion of national sovereignty. International institutions like World Trade Organization (WTO) and International Monetary Fund (IMF) have gained more power in shaping national policies.
• Globalization has also led to the emergence of civil society organizations and social movements. These are advocating for greater accountability and transparency in government policies and actions.
• However, the unequal distribution of the benefits of globalization has led to social unrest and political instability in some parts of the country.
• Globalization has led to the spread of Western cultural values and lifestyle choices. This includes fashion, music, and food, influencing Indian youth culture and popular culture.
• Global trends have influenced the growth of the Indian entertainment industry, including Bollywood and the Indian music industry. These trends have also contributed to the spread of Indian culture and values worldwide.
• The homogenization of culture has led to the erosion of traditional Indian cultural values and practices. Joint family system, religious customs, and local languages and dialects are slowly fading.
• However globalization has also led to the fusion of traditional Indian art forms, like music and dance, with Western influences. This has resulted in new and innovative forms of expression.
• The emergence of the Indian diaspora and its influence on the global culture and economy has highlighted the diverse cultural and linguistic heritage of India. This has also led to the promotion and preservation of Indian culture and traditions worldwide
• Globalization has led to the creation of new job opportunities, particularly in the service sector, providing employment to the country’s youth and increasing social mobility.
• It has also led to the growth of the middle class, which has benefited from the growth of the IT and services sector. This has led to a rise in living standards, with better access to education, healthcare, and other basic amenities.
• However, the unequal distribution of the benefits of globalization has widened the income gap and led to social inequality, exacerbating existing social divisions based on class, caste, and gender.
• The growth of consumerism and the spread of Western lifestyle choices have led to changes in social values and attitudes, particularly among the younger generation, leading to the erosion of traditional values and social norms.
• Globalization has also led to increased migration, both within India and to other countries, resulting in cultural exchange and diversity, but also leading to social displacement and cultural assimilation.
• The spread of global health and education initiatives has led to improvements in healthcare and education, particularly in rural areas, but has also led to greater dependence on foreign aid and resources.

Impact of Globalisation on India: Conclusion

In conclusion, the impact of globalization on India has been multi-dimensional, with both positive and negative effects on the country’s economy, politics, culture, and society.

Concluding Points:

• It is essential to recognize and address the negative impacts of globalization while maximizing its benefits.
• The government and civil society must work together to ensure that the benefits of globalization are distributed equitably across all sections of society. Particularly those most vulnerable to displacement and social inequality.
• Additionally, efforts must be made to preserve and promote traditional Indian culture and values while embracing the benefits of globalization.

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Impact of Globalization on India: FAQs

Broadly, Globalization has impacted India on an economic, cultural, social and political scale.

Globalization has been both good and bad for India. While it has boosted economy, development, technology and employment, it has also increased the divide between skilled and unskilled labour. On the socio-cultural front, it has brought in new ideas, a more open society; but it also has brought in the problems that come with

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Essay on Globalisation for Students in English [Easy Words*]

January 25, 2021 by Sandeep

Essay on Globalisation: The growth of the country’s economy and its higher integration on par with the global economic standards is described as globalization. Foreign investment in corporate, scientific and education sectors has created a financial and political impact on the country’s economy. Globalization increases employment opportunities, higher compensation rates, and naturally raises living standards. It creates a wider market for job outsourcing, access to higher technology aspects and global markets.

Essay on Globalisation 500 Words in English

Below we have provided Globalisation Essay in English, suitable for class 6, 7, 8, 9 & 10.

Globalisation is an expansion of various business, services, and technologies to the global market. We can define globalisation as a process of interaction among people, companies, and governments worldwide. In economic terms, globalisation can be described as the interdependence of the different countries to foster the trade beyond their boundaries.

Impact of Globalisation in India

The effects of globalization are very much visible in all the countries around the globe; hence, they can be seen on the Indian economy. India is one of the countries where competitiveness increases immensely after globalisation. Globalisation forced Indian companies to opt for new business strategies to produce better and on-time results. Globalisation hit India in 1990, Mr. Manmoham Singh was the finance minister of India. Since then, the country is doing good on the economic front and moving towards to become a strong and powerful economy in the world.

Till 1990’s Indian economy was not open for globalisation as it was constrained by the barriers to trade and investment liberalisation in the country. But after a major crisis in the Indian economy, it removed all the barriers and opened its economy for the globalisation to receive a positive push. Reduction in the number of areas reserved for the public sector, initiating the privatisation programme, and amendment of the monopolies are among a few of them. Over the year, India has been witnessing steady liberalisation and globalisation, and more sectors are now opened up for direct foreign investment. Other new sectors like telecom, airports, insurance etc. are welcoming the direct foreign investment.

Advantages of Globalisation

Globalisation in India has increased the competitiveness in business. After adopting the LPG model (Liberalisation, Privatisation, and Globalisation) of the economy, India’s economy has witnessed rapid growth.

Transfer of Technology: Globalisation acts as a mechanism for transferring the technology from the developed countries to the under-developing countries like India. India’s present economy and technology allow Indian companies to invest a little amount in R&D (Research and Development).

Rise in Employment: Globalisation led the development of SEZ (Special Economic Zones) where more jobs are created. Indian offers cheap labour, so many developed countries have started to outsource their work to India.

Improved Standard of Living: The shopping habits of Indians changed after globalisation hit the country. Living standards of Indians have improved a lot in the past few decades.

Reduce Poverty: Globalisation has played a vital role to reduce poverty in India. We have developed a lot as a country, but poverty is still a severe challenge. Globalisation helped the Indian economy grow and give competition to other developed countries’ economy.

Education: Globalisation made it easy for those who want to move across the border to acquire better education. People from underdevelopment countries have started to move to developed countries to get a better education.

Disadvantages of Globalisation

Unemployment: Globalisation has created many new opportunities in terms of job and business, but on the other hand, it has become a big reason for unemployment . When a country outsources its services, it takes the opportunity from its citizens and gives it to other country’s people to earn more benefit. The same is happening now because of globalisation.

Dominant Global Brands: In the era of globalisation, the competition has reached its peak, and in such a competitive environment, it becomes difficult for the small industries to survive. The dominant global brands don’t let the small industries to grow. Superior technologies hold the most of market share and for new and small industries to hold a good grip on the market becomes a challenge.

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Impact of globalization in India - Concepts - Chapter 4 Class 10 Economics - Globalisation and the Indian Economy - Economics

Last updated at April 16, 2024 by Teachoo

IMPACT OF GLOBALIZATION IN INDIA

• In the last twenty years, the globalization of the Indian economy has come a l ong way.
• Among producers and workers, the impact of globalization has not been uniform .
• India's globalization has both positive as well as negative impacts.

POSITIVE IMPACT 

• MNCs have expanded their investments in India over the last 20 years
• MNCs have been interested in industries such as cell phones, automobiles, electronics, soft drinks, fast food, or services such as banking in urban areas.
• New employment has been created in these industries and services.
• Top Indian companies have been able to benefit from the increased competition. They have increased their production standards by investing in modern technologies and production methods.
• Due to globalization large Indian companies to emerge as multinational companies
• Tata Motors (automobiles), Infosys (IT), Ranbaxy (medicines), Asian Paints (paints), and Sundaram Fasteners (nuts and bolts) are some Indian enterprises   which are spreading their operations worldwide.
• Globalization has also opened up new opportunities for the companies that provide services. Example: IT services 
• Due to globalization consumers now have more options in the markets and can buy cheaper goods.

NEGATIVE IMPACT

• Globalization has posed a major challenge for small producers and workers .
• Due to rising competition, local manufacturers have been severely impacted. Many of the units have closed, leaving many workers jobless . For instance : toy factories in India.
• Uncertainty in employment : Due to increased competition, most firms now favor hiring staff "flexibly. "  This means that workers’ jobs are no longer secure.
• Production of regional goods such as dhoti, Matka, and other handicrafts are declining or these are replaced by foreign products.

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Ideas for Developing Asia and the Pacific

Globalization and the environment in india, share this page.

The direct impact of trade and investment on the environment is less of an issue compared with the indirect effects of positive GDP growth and resulting prosperity.

Preliminary calculations using data from the World Bank show that gross domestic product has a direct, proportional relationship with the extent of carbon dioxide (CO2) emissions in India, and the relationship is even stronger after the introduction of the liberalization policy in the 1990s. However, trade seems to have an inversely proportional relationship, consistent with the view that India’s imports are mostly manufactured items that may involve polluting production process and are currently being produced outside India.

We believe more specific research is needed to assess the overall environmental impact of patterns of production and consumption. Recent scientific analysis focuses on better scientific measures of the damage and impact of climate change and its effect on inequality. Clearly, warmer regions around the globe, including India and many developing Asian countries, will be affected more than their northern counterparts due to global warming. In fact, recent estimates show that climate change has increased inequality in the United States between the north and the south. Patterns of production are generally induced by the conditions of global trade and investment and by physical infrastructural support and local resources. India and the People’s Republic of China (PRC), the two largest countries in Asia, have very different GDP compositions. This poses the question of whether excessive industrialization coupled with the usual transboundary and climate concerns make the PRC more vulnerable than India, which thrives on service sector growth and in turn benefits from the low pollution content of growth. This also calls for serious exploration of green accounting and the preparation of databases with better environmental indicators.

It will be worthwhile to explore the effect of liberalization on other climatic aspects, such as water pollution and land salinity, with the help of large scientific databases. But only through trade can countries replace the local production of pollution-intensive goods with imports and reduce CO2 emissions. Countries that can replace the production of pollution-intensive goods by imports will reduce CO2 emissions on this count. The growth effect, however, will go the other way. Countries with different trade patterns may suffer on both counts. India is possibly a mixed case and more detailed analysis is needed to examine the hypothesis.

WORKING PAPER NO: 873

Additional details.

Also in this Series

• Labor Market Impact of Export in a Commodity-Dependent Nation: The Case of Indonesia
• Food Insecurity, Inflation and Government Aid: Evidence from a Household Survey in Developing Asia
• Digitalization for Decarbonization: Evidence from Bangladesh, the Republic of Korea, and Sri Lanka

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• DOI: 10.54648/gtcj2024026
• Corpus ID: 268450059

Article: Reshaping Global Supply Chain and India: A Quest for Friend-Shoring and On-Shoring

• Published in Global Trade and Customs… 1 March 2024
• Economics, Political Science, Business

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