What is globalisation? How do we feel the direct impact of globalisation on our daily life? Explain with examples.
GLOBALISATION is the process of rapid integration or interconnection between countries. It means, globalisation integrates our economy with the world economy. As a result, producers of other countries can sell their goods and services in India and likewise India can also sell its goods and services in other countries.
- As a result of globalisation, the different countries of the world become economically independent on one another.
- With the globalisation and the removal of trade barriers many items can now be imported freely and of others which were costly earlier have come down.
- Small producers are losing their market to the MNCs or to large producers who have joined MNCs.
- Several workers have also been rendered jobless.
- On the other hand, we see there is greater choice before consumers who now enjoy improved quality and lower prices for several products.
- As a result, people today enjoy much higher standards of living than was possible earlier.
- Moreover, globalisation has enabled some large Indian companies to emerge as multinationals themselves.
- Globalisation has also created new opportunities for companies providing services, particularly those involving IT.
- Now, there is greater foreign investment in India.
- New techniques of production and modem technology is taking place.