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.