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Reflections on Whether Globalization Is Good for Indian Economy
Openness of the foreign trade and investment explains the rapid growth of India. Since the Indian government adopted economic liberalization policy in 1990s, improved the employment situation in India. According to the International Labor Organization, the number of Indians in workforce increased by 80 million over the last decade (Economist 2010). The foreign firms attracted by the inexpensive labor cost of the country, therefore they decided to establish their business abroad and hire workers, manufacturing job to high technical position. Since the last fiscal years, the manufacturing sector has contributed 16.1% of India’s GDP. Globalization reduces the unemployment rate in India. The relation between foreign companies and Indian workers creates an economic interdependence that puts both a side win-win position.
Due to substantial reduction of unemployment in India reduces the poverty. Now, the urban middle-class has started emerge in the country. After meeting their basic needs, large number of Indians can afford to buy better consumer goods and services due to their stable revenue. In 2005 middle class accounted for 5% of the Indian population. However, the National Council of Applied Economic Research forecasts the middle class will rise to over 40% of Indian population in 2025. The emergence of large middle-class signifies that poor becoming richer and having a superior living standard. As more people move to middle class, the number of poor people in society reduced, thus discrepancy between rich and poor also gets reduced.
Due to increased employment opportunities in bigger cities, large number of rural workers moved to urban areas. However, workers have a common problem of transferring the money securely to their family because bank always don’t exist in rural areas. This inconvenience inspired two young brothers, Abhinav and Abhishek, who later became the founders of EKO Indian Financial Services. They created a software program allowing small grocery store in rural areas to became a virtual bank where workers can deposit and withdraw money. The small fee was kept by the grocery’s store owner each time a transaction was made. Subsequently, this not only helps in transferring money of migrant workers but also benefits the grocery’s store owner. Beside the example of EKO, other young entrepreneurs were born and its leads to globalization. Another pertinent example is GLOBALS, one of the fastest growing Indian IT companies founded in 2000. It has offices in 11 countries across the world. Since globalization, there are increased number of skilled and ambitious young people who wants to succeed in business world by becoming self-employed. Traditionally people in India do the same job as their parents. Thus, children from poor families could not be able to change their fate. Globalization helped to open their eyes. Foreign companies brought their technology and value to India, influencing young people to overthrow the existing social order. Globalization made these young people that anyone can be financially successful. They want to keep up with the economical developed countries.
In order to maintain the economy growth, Indian government ensures that they have enough resources for young workforce who replace the elder ones, when they retire. The Indian government system is currently focusing on the education system and the human resource development, planning of opening 14 universities with a world-class structure. The Indian government knows that an educated workforce directly impacts the Indian economy’s growth. Thus, globalization has fostered the quality of education system in India, which benefits the country.
Globalization had touched every aspect of technology advancement, enhancement in quality and improved modern techniques. All three sectors of agriculture namely farming, marketing and industry had made a tremendous progress. In farming, globalization had introduced new techniques to the farm. Many new techniques are been used to develop the seeds and production. In marketing, globalization has helped the farmer to fetch the new market. This gives the boost to the Indian agriculture sector by exporting and importing goods to abroad. They offer them good procurement price which help them to continuous production. In industry, globalization helped in increased consumer which leads to increase in food production industry.
There are large number of advantages towards Indian economy include the possible to get more benefits from economy of scales. Due to globalization, in many parts of country cultivators, raisers, farmers benefited from tie-up and collaboration with many companies to get more profit in income like ketchup, fruit juice, potato chips, etc. Fishermen in Kerala have boosted their income using their mobile phones to find out where the market price of fish is highest on each day. Lock-outs and strikes have reduced to insignificant low-level because labor is satisfied. Due to globalization selling product and doing business has no boundaries: they can sell their product in any part of the world. It has included the odds of laying hands on the worldwide market and advances which helps in expanding the nature of expectations for everyday comforts. Globalization causes Indian business person to find out more about challenge, recent trends, quality of product. Aides in sourcing new innovation to enhance their brand quality. Great presentation of Indian brands to abroad market. Because of increment of competitions in the market, Indian brands must enhance their quality of product and administrations to customers. Its point is expanding the generation of food and increment in economy and social state of agriculturists. It would expand efficiency of labor. Utilization of seeds and substantial machine has increments in horticulture efficiency. It enhanced creature husbandries would almost certainly import great breed creatures from different nations. Farmers get the benefit of global market through agribusiness efficiency.
There are a few drawbacks of globalization on Indian economy. Rise in demand of labor and wages rate leads in the increment the expense. An excess of rivalry in the market prompts increment in the efficiency, upgrading the administrations and quality of product to get by in the market. An excessive number of offers people are pursuing to customers. There is a central issue with the globalization which will cause international pressure and trade disputes without catching the procedure. Indian ability pulled in towards other nation due high pay and remittances. Because of overwhelming tax assessment and tolls, item cost is higher than the imported ones. Globalization has also enabled introduction of cigarettes and tobacco in India, which has adverse effects on the well- being and financial cost appended to them. Modern communication has spread an awareness of differences between nations, which prompts increment sought after of vagrants to more extravagant nation. Globalized rivalry can force to ‘race to the base’ compensation rates and work measures.
Globalization influences not only to agriculture production yet additionally employment opportunities in the provincial parts, imbalance between urban and rural regions. Globalization is considered as an amazing transformative power in charge of a huge shake-out of economies, countries, universal foundations and the entire world. Hence, we can say that the higher the dimension of international exchanges/partnerships, the higher will be financial development, expectations for everyday comforts and pay level. Globalization has brought numerous occupations and huge investments to India. India’s economy has been developing at exponential rate from recent years and opened numerous new chances to India. Still, India remains very poor. The vast majority of the individuals who take benefit from globalization is privileged class people, numerous in lower class level being uprooted and experiencing hopeless work condition. Globalization made the economy of one nation reliant on the other nation’s economy. Any adjustment in economy of one nation will influence the economy of other. In this way, the legislature turns out to be progressively worried about everybody to control the practical uneven characters between them. Globalization has made a substantial monetary blast in India with to a great extent constructive outcome. We are everything by globalization, we are nothing by globalization.
Truly, globalization has been useful for Indian economy this far. Indian must focus on 5 follow areas to accomplish this objective. The regions like new business opening for little and medium undertakings, innovative enterprise, quality administration, privatization of money related organizations and new prospects in country regions. There will be a prospect development of the Indian economy rely on public support in the worldwide race.
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