Describe the Impact of Globalisation on Indian Economy with Examples
By Balaji
Updated on: February 17th, 2023
India got foreign direct investment, transfer of technology, increasing choice for Indian consumers, and new jobs which reduced unemployment in India. So, we can say that the impact of globalization on the Indian economy is both positive and negative. Globalization is when businesses start operating internationally.
Globalization in India began with the LPG reforms of 1991 and its impact can be felt in many ways today. The LPG reforms stated that the government’s control over the economy through liberalization, privatization, and globalization. The economy was open to foreign players.
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1. Impact of Globalization on the Indian Economy and Examples
Impact of Globalization on the Indian Economy and Examples
To comprehend the impact of globalisation on the Indian economy, you must first understand what globalisation is. Globalization is a term associated with the economic sector. It is defined as the integration of global economies through the movement of goods and services, cross-border trade, and so on.
Following globalisation, the Indian economy expanded by increasing foreign currency, creating new jobs, decreasing the rate of unemployment, and so on. However, it has a negative impact on our economy. The following examples demonstrate the impact of globalisation on the Indian economy.
- Globalization has resulted in an increase in the creation of new jobs in India.
- Several international companies are now operating in India, creating a slew of new job opportunities.
- Because of globalisation, India’s IT sector has been booming in recent years.
- Opportunities have also increased as Indian companies collaborate with international firms to expand their businesses and revenues.
- There has also been an increase in foreign investment. The increase in foreign reserves has resulted in more companies investing in India.
- Globalization has also had an impact on India’s culture and philosophy, as the western way of life and ideas have become more prevalent.
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