Essay On Advantages And Disadvantages Of Globalization
Globalization describes a process by which regional economies, societies, and cultures have become integrated through a global network of communication, transportation, and trade. The term is sometimes used to refer specifically to economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology. It generally means integrating economy of our nation with the world economy. The economic changes initiated have had a dramatic effect on the overall growth of the economy. It also heralded the integration of the Indian economy into the global economy. The Indian economy
Advent of New Economic Policy that will lead to competing with top
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The momentum has been maintained with a growth of 11.1% in 2006-07. Because of Globalization, the financial services industry is in a period of transition. Market shifts, competition, and technological developments are ushering in unprecedented changes in the global financial services industry.
Impact on Export and Import:
Many Indian companies have started becoming respectable players in the International scene. Agriculture exports account for about 13 to 18% of total annual of annual export of the country that should be increased.
Advantages of Globalization:
• There is an International market for companies and for consumers there is a wider range of products to choose from.
• Increase in flow of investments from developed countries to developing countries, which can be used for economic reconstruction.
• Greater and faster flow of information between countries and greater cultural interaction has helped to overcome cultural barriers.
• Technological development has resulted in reverse brain drain in developing
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