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Economic Impact of Globalization in India
The term ‘globalization’ refers to the free and flexible movement of products and services across borders. The process follows an integrated and well-managed manner. It opens a gateway to be a part of the global economy and trade. The globalization directly impacts on the economy of the country as it attracts foreign direct investment by opening global trade opportunities. Furthermore, if one looks into the impact of globalization on the Indian economy, it is quite visible that it helped in attracting prosperity, increasing volumes of trade, foreign direct investment, and growth.
This essay highlights how globalization attracted prosperity and increased trade volumes for India, which allowed the country to cope up with its increasingly decreasing GDP in the 1990s. It allowed India to participate in the global markets of trade and helped in routing foreign investments for the country, which directly impacted its economic boom. The barrier-breaking globalization did allow India to capture a tremendous landscape for trade and helped in increasing its living standards and created many employment opportunities for labor. Still, it also negatively impacted the daily wagers of the country.
Benefit
Globalization is the critical driver of hike in employment rates, the surge in compensation, enriched the living standards, and positively impacted on purchasing power as it helped in wealth creation. Moreover, the impact of the globalization overall is constructive for the economy of India as the GDP is increasing, the business of exports and imports is also flourishing.
Globalization also allows India to exchange its culture by tourism, which attracts foreign investments. It also equipped India to uplift its poverty line and created many opportunities for national and international employment. It helped the Indian economy to connect with the global economy and increased the per capita income of the country. However, the human development index of India is still moving with a snail’s pace. Furthermore, according to Shastry (2012), the Indian government always promotes its technology sector, and this globalization helped them in accelerating their IT industry. In addition to it, the IT industry of India attracted many investors as they showed their interest, which positively impacted the economy of India.
Drawback
Globalization also had a negative aspect to it, which created an unpleasant situation between rural and urban areas of India. Moreover, one cannot neglect its impact on the production of agriculture which affected the daily wager community of India, Furthermore, it also impacted on the employment opportunities creating an uneasiness of inequality between rural and urban areas.
Solution
The solution towards uneasy situation between rural and urban areas can be eliminated by educating them and by developing the human development index. As education will allow equal employment opportunities for both areas and will deal with the inequality issue between both of them.
Conclusion
In a nutshell, this essay can be summarized as: globalization is the critical driver of the increase in employment rates, enriched living standards, and helped the economy cope with its negative pattern by wealth creation. On the contrary, its human development index is still not gaining momentum. Moreover, an uneasy situation is also there due to globalization as it affects the production of agriculture and employment opportunities in rural and urban areas. However, the overall impact of globalization is constructive for the economy of India as it increasing its GDP, per capita income, and trade volumes.
References
- Baafi Antwi, J., & Oppong Kwakye, F. (2010). Globalization and Its Influence on Economic Growth Performance.
- Choudhary, S. (2012). Globalization and Its Impact on Indian Economy. International Journal of Behavioral Social and Movement Sciences, 2(2), 192-201.
- Shastry, G. K. (2012). Human Capital Response to Globalization Education and Information Technology in India. Journal of Human Resources, 47(2), 287-330.
- Malik, T. (2012). Impact of Globalization on Indian Economy: An Overview. Fibre2fashion. Fibre2fashion. Web, 23.
- Bala, S., Gupta, S., Anshuman, K., & Ajay, A. P. Globalization and Its Impact on India. Bajaj, Ankit 197 Bakry, Mohamed Abd El Latif 28 Bala, Shashi 414 Baporikar, Neeta 118, 414.
- Roy, S. S. Globalization and its Impact on Indian Economy: Development and Challenges.
- Mohanty, M. (2015). India: Globalisation and Growth. Indian Institute of Management, Calcutta, Working Paper Series WPS, (762).
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