Critically examine the influence of globalisation on the Indian economy

Critically examine the influence of globalisation on the Indian economy.

IN the last twenty years, globalisation of the Indian economy has come a long way.

  • There is a greater competition among producers. This has been of advantage to consumers.
  • There is greater choice before the consumers.
  • They enjoy improved quality and lower prices for several products. As a result, people today enjoy much higher standards of living.
  • MNCs have increased their investments in India over the past 20 years.
  • Globalisation has enabled some large Indian Companies to emerge as multi-nationals themselves such as Tata Motors, Infosys, Ranbaxy, Asian Paints Sundaram fasteners etc.
  • Globalisation has also created new opportunities for companies providing services, particularly those involving IT.
  • However, globalisation has not been uniform among producers and workers.
  • Globalisation has posed among challenge for a large number of small producers and workers.
  • Small manufacturers have been hit hard due to competition causing many industrial units to shut down, rendering many workers jobless in small industries.
  • Due to the pressure of competition, most employers do not employ workers on a permanent basis.
  • Worker’s jobs are not secure any more, wages are low. They are forced to work overtime.