How have the opportunities and challenges of globalisation affected india?…
How have the opportunities and challenges of globalisation affected india?
What is Globalisation?
Because policy and technological developments of the past few decades have spurred increases in cross-border trade, investment, and migration so large that many observers believe the world has entered a qualitatively new phase in its economic development. Since 1950, for example, the volume of world trade has increased by 20 times.
Globalisation has not only inculcated the westernisation in India, but conversely the Indian culture has also spread its impact globally. Important aspects of indian culture such as cuisine, philosophy and religon are now practiced all around the world.
Globalisation means that other cultures have influenced and helped change and develop indias culture into the way it is today. Without other cultures from around the world influencing it, india would not be the culture fluid country that it is today
Literacy and human development
Literacy rate in India has risen since globalisation began, and is at present is 74.04%
The internet has had an important role in connecting people in india to others all around the world. It allows them too instantly contact each another through email, chat programs and video calls. This instant communication has revolutionised business and social lives.
Because of globalisation, India is now the third largest global telecom market. The mobile subscriber base has grown from 0.3 Million in 1996 to over 250 million currently.
globalisation has caused india's GDP (Gross Domestic Product) to more than double in the last six years, going from 590 billion too 1.36 trillion.
Increased globalisation means companies can increase their base of operations, expand their workforce with minimal investments, and provide new services to a broad range of consumers.
Globalisation also helped develop access to online services. In the cities Internet facility is everywhere. Extension of internet facilities even to rural areas.
The indian middle class has developed around the wealth that the IT and BPO industries have brought to the country, a new consumer base has also developed. International companies are expanding their operations in India to service this massive growth opportunity.
Big corperations coming to india can help with indias increaseing global warming and pollution with their corporate responsibilty plans.
We have lost the patience to get adjusted into the joint family, imbibing the values of the elders and getting the young ones brought up under the shadow of their grandparents. Children have started treating grandparents like guests or visitors, and such an upbringing is one of the main reasons of increasing old age homes, as those children consider their own parents as burden in their state of adulthood.
India's deep rooted traditions and customs have loosened up their hold with the emergence of globalisation. India has a rich cultural background and pride of its culture is famous throughout the world. Globalisation means mixing those beliefs and ways of life with those of other cultures, something some traditional indians may not be happy with.
Similarly, marriages have also lost their values. It is very much evident from the increasing number of divorce cases and the extra-marital affairs reported more and more frequently in india. today marriage is like a professional bond or a so-called commitment to share life without compromising their self-interests, and has nothing on the original indian values. The ego factor into the Indian youth is again a product of globalisation.
High growth but problem of unemployment. With big factories relocating into wherever they can make more profit in low development countries such as india, it can be a hazzard for people needing steady and long term jobs.
Price hike of every daily usable commodities. Beccause globalisation is helping india beccome more developed, everyday commoditites prices can be raised to fit in with those of more developed countries
Ethical responsibility of business has been diminished. With more globalisation, more big international companys will put their factories in india, meaning sucking up more local resources.
More big corperations coming to india means more waste from their products, and more pollution that comes out of their factories.
Increased gap between rich and poor fuels potential terrorist reaction. The rich buisness men are profitting from the increased world trade economy, whereas the poor are getting even poorer as there resources get sucked away.
An absence of strictly enforced international laws means that TNCs may operate in LEDCs in a way that would not be allowed in an MEDC. They may pollute the environment, run risks with safety or impose poor working conditions and low wages on local workers.
What is globalisation?
Globalisation is not new, though. For thousands of years, people—and, later, corporations—have been buying from and selling to each other in lands at great distances, such as through the famed Silk Road across Central Asia that connected China and Europe during the Middle Ages.