Impacts Of Globalization In India
MODULE CODE: BST 516
1) Select a location with which you are familiar. Discuss the impact of globalization on this location, with particular reference to business activity, and highlight positive and negative impacts on the people who live and work in the area.
Globalization is the process through which the world is rapidly becoming interconnected as a result of substantially increased trade activities and cultural exchange. Globalization has increased the production of goods and services all around the world in every sector. The biggest companies are no longer known as the national firms but are now referred to as multinational corporations with subsidiaries in several countries and continents. Globalization …show more content…
Eventually, they boosted the Indian economy very enormously. The advantages of the impacts of globalization in the India are that several international companies established their industries in India on a large scale, especially in the pharmaceutical, BPO, petroleum, manufacturing, clothing and chemical sectors and this provided the Indian society with great employment opportunities. Furthermore, this resulted in substantial decrease in the unemployment rate and …show more content…
Their empowerment has given considerable opportunities and possibilities of improving employment conditions through global solidarity and co-ordination. It is observed that growth in the use of computers and other technologies offered Indian women several benefits such as- better wages, flexible working hours and the capacity to negotiate their roles and statuses in their homes as well as at corporate levels. Globalization has also changed the status of the women in Indian society by helping them become independent and has liberated them from the stereotypic pattern of duties of the women like rearing and caring the children.
There are some negative impacts of globalization such as - increase in unemployment of unskilled and unsuitable workers, replacement of manpower with advanced industrial equipments, growth of slum capitals and threat of terrorist activities.
Globalization led to the increase of competition in the Indian market between the foreign companies and the domestic companies. With quality in high demand, the foreign products dominate the Indian market, as the consumers prefer to buy the foreign goods. This reduced the amount of profit of the Indian industrial sector.
The below poverty-line section of the society, do not reap the benefits of globalization. Increase in the gap between the rich and the poor, lead