What is globalisation? Explain two positive and two negative impact of globalisation.
Globalisation is the process of integration and interconnectedness between countries.
Positive Impact of Globalisation
(i) Availability of variety of products with greater choice and quality that too at affordable price.
(ii) Creation of new jobs and higher standard of living. Negative Impact of Globalisation
(i) Thousands of uneducated and unskilled labourers have become jobless due to closure of various units.
(ii) Most of the small industries like toys, tyres, plastics, dairy products have been hit hard due to foreign competition.