ipl-logo

The Economic Impact Of Globalisation And The Globalization Of India

1166 Words5 Pages

GLOBALIZATION
Globalization is described as a process by which regional economies, societies, and cultures have become integrated together through a global network of communication, transportation, and trade. The integration of national economies with the international economy in terms of trade, foreign direct investment, capital flows, migration, and the spread of technology. The economic changes brought by the Indian government have had a dramatic effect on the overall growth of the economy. In 1991 the Indian economy was in major crisis when the foreign currency reserves fell to $1 billion. Globalization showed its impact on every sector whether it was Agricultural sector, Industrial sector, financial sector or Health sector. In 1990’S the Finance Minister of India launched LPG model i.e. Liberalization, Privatization and Globalization which was responsible for development of India in each and every sectors.
• IMPACT ON TRADE:
For the first 15 years after independence India 's exports remained stagnant because of predominance of tea, jute and cotton manufactures and demand for which was generally inelastic. Also annual inflation rate was very high i.e. 17 percent. After liberalization, the value of India 's international trade rose to 630801 billion in 2003–04 from 12.50 billion in 1950–51. The major trading partners of India are China, the US, the UAE, the UK, Japan and the EU. Many Indian companies gained respect for country as well as for them and became

Show More
Related

  • Unit 39 P2 International Business

    765 Words  | 4 Pages

    Thus, this results in more access to capital, technology, cheaper imports and larger exports markets. This globalization opens access for local business to international production networks and supply chains which are the main channels of trade, therefore this result in an increase in GDP and employment. However, globalization many have a negative impact along with its positive impact as global companies main focus is to maximize profits without regarding the development needs of developing countries. Globalization also results in loss if cultural uniqueness in favor of a universal culture which is drawn heavily from American culture. Developing countries have weak financial institutions therefore due to globalization the volume of capital flows increase which increases the risk of banking and currency

    Read More

  • Revolutionary War Analysis

    756 Words  | 4 Pages

    Trading to Britain is easier to handle because we have often communicated with them. “Liberty to manage their own affairs their own way. In every thing, except foreign trade” (Greene 96). Without Britain we might not be able to receive many of our goods and resources, Britain not only supplies us with their goods; but they have outlets to resources from other nations. While other countries are available for trading, Britain offers key connections to other nations that supply us with

    Read More

  • The Impact Of Globalization On Apple

    1025 Words  | 5 Pages

    Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world. The most common example of globalization might be Ebay or Amazon. Nowadays flows of goods and services are not only cheap and fast, but reliable and secure.

    Read More

  • Pros And Cons Of International Trade

    751 Words  | 4 Pages

    Introductions International trade refers to a country trade goods and services to another country. International trade open up the world potential market to increase producer sales quantity and increase competition on foreign country. apart from these, international trade will create job opportunity and hence reduced unemployment rate as well as positive balance of payment. however, it might bring negative effects to a country as well, therefore, government play an important role in implementing trade restriction on imported goods in order to prevent imported goods destroy the domestic market or at certain extend, monopolize the market. 94 words A ) Discuss the forms of restriction on international trade.

    Read More

  • The Pros And Cons Of International Trade

    1011 Words  | 5 Pages

    And also, as a result of international trade, the market contains greater competition with more competitive price and cheaper products. This essay will focus on the definition, advantages and consequences of international trade with considerable theories and evidence. First point I want to emphasize is that international trade is the exchange of goods and services between countries. This is the type of world economy and trade, prices, supply and demand, impact which influences world events. Political change in Asia is inclined to lead to increase labor costs, thus increase the production costs of sneaker companies.

    Read More

  • What Are The Negative Effects Of British Imperialism On India

    752 Words  | 4 Pages

    The British Raj was the rule of Britain in India between 1858 and 1947. British imperialism had many positive and negative effects on India. The fact that the Indian people lacked unity and were divided by geographical means meant that Britain could claim India as its colony. When the Company lost control, the British government took over India. This had positive and negative effects on India that continue to impact the present.

    Read More

  • Tesco External Factors

    3270 Words  | 14 Pages

    The foreign policies of China are also very favorable for the foreign investors. Technological factor: In technology it is hard to compete with the China in any industry. China is on the top to provide most advance technology equipments to the world at economic prices. So Tesco can have the chance to implement the better and fast technology in the retail supermarket.

    Read More

  • Relationship Between Australia And India

    187 Words  | 1 Pages

    The relationship between Australia and India began as a bilateral trading partners and has been further strengthened over the years. Both countries have committed towards generating jobs, investments and foster economic growth and to reinforce the bilateral strategic partnership. The Information Technology industry in India has transformed India from a bureaucratic economy to a country with pioneering entrepreneurs, with this revolution India has secured a place among the biggest IT capitals of the world. Only a meagre portion of the country’s IT infrastructure constitute of native Indian companies, and most of the revenue is generated from exports of services, however, this has significantly been improved. One of India’s primary service exports

    Read More

  • Impact Of Globalisation In The 20th Century

    1000 Words  | 4 Pages

    In the early 21st century, those living in the developed world encounter the effects of globalisation on a daily basis. On a most basic level, from the Internet to the food that is consumed, it is possible to instantly access a different part of the world. Globalisation has also affected lives in ways that are not instantly obvious – views, beliefs and attitudes shaped by globalisation have changed how the world is perceived. Globalisation is different in the 21st century to how it was in the 20th century, and though the most underlying difference is the rapid development of technology, there are subtle ways in which it has changed – and ways in which it has not changed at all.

    Read More

  • Kosovo And Globalization Essay

    750 Words  | 3 Pages

    The term “Globalization” has been in existence for the past 50 years. It is one of the major causes of the increase in international trade. The Oxford Dictionary defined Globalization as “the process by which businesses or other organizations develop international influence or operate on an international scale”. It is a phenomenon that has been in the front burner for several years. Certain individuals opine that it serves as an advantage for the developing countries to compete in the global market while others were of the opinion that it favors the developed countries by making them richer (Giddens, A. 1999).

    Read More

  • Elephant And The Dragon

    718 Words  | 3 Pages

    The Elephant and the Dragon by Robyn Meredith highlights China’s and India’s industrial growth and worldwide. Meredith describes China’s and India’s history and how both countries went from being poor to worldwide powers. Meredith shows how each of the country’s leaders influenced the fall of the economy and how future leaders led to the rise of economic growth. In each economy Meredith states that the leaders of both countries found themselves with no choice but to change and she describes the inspiration that both countries deprived their ideas from with lead to great change for the government and the people.

    Read More

  • Essay On Economic Globalization

    1119 Words  | 5 Pages

    Economic globalization refers to the free movement of goods, capital, services, technology and information around the world. Since the 1990s, due to the improvement of advanced communication technologies and the rapid expansion of multinational corporations, economic globalization has become an important trend of the world economic development. This trend not only provides a broader space for international markets for all countries, but also aggravates the competition among countries for market and resources. Economic globalization is an inevitable result of the development that no country can evade. In this paper, we will discuss that economic globalization is beneficial or not to developing countries.

    Read More

  • Advantages And Disadvantages Of Globalization In Developing Countries

    1006 Words  | 5 Pages

    Globalization is a process of linking the world through many aspects, from the economic to the culture, the political. in different nations. This process uses to describe the changes in society and in the world economy, by creating a linkage and increasing exchange between individuals, organizations or nations in cultural perspective, economics on global scale (Globalization 101, n.d.). A process of creating many opportunities but also causes many challenges for all the nations in the world, particularly for developing countries. There are so many advantages that globalization brings to developing countries like free trade, technology transfer and reducing unemployment.

    Read More

  • Saudi Arabia Pest Analysis

    1062 Words  | 5 Pages

    4.0 Implementation 4.1 Broader perspective Globalization is affected by various factors that drive towards its existence and formation in the society and a set of these macroeconomic factors. As per this analysis we can get an overview of the current economy of the country that helps the researcher to make relevant suggestions and recommendations that can benefit the economy as well as society to make them believe and trust that the globalization enhances their behaviour and life style. PEST Analysis: Source: Visual.ly website PEST Analysis of Saudi Arabia Political environment Giddens and Griffiths (2006, p. 59) states that mainly there are three reasons why politics has become one of the main drivers of globalization.

    Read More

  • Essay On Economic Growth And Economic Development

    1597 Words  | 7 Pages

    India approached economic development through the use of import substitution industrialization, which is an inward-looking development strategy that imposes import quotas and tariffs with the purpose of protecting infant domestic industries. However, such an economic policy would negatively impact domestic consumers, forcing them to pay higher prices than the cheaper imports they would have been able to purchase if not for the trade protections. Furthermore, trade protections would lead to a distortion of comparative advantage, which would mean that firms would engage in inefficient production, wasting

    Read More

More about The Economic Impact Of Globalisation And The Globalization Of India

Open Document