Explain the impact of Globalization with examples
Globalization and Indian Economy (10)Explain the impact of Globalization with examples
Answer
IMPACT OF GLOBALIZATION
- Globalisation and greater competition amongst producers both local and foreign.
- There is greater choice before these consumers who now enjoy improved quality and lower prices for several products.
- As a result these people today enjoy much higher standards of living than was possible earlier.
- MNCs have been interested in industries such as cell phones, automobiles, electronic goods etc.
- New jobs have been created.
- SEVERAL of the top Indian companies have been able to benefit from the increased competition. They have invested in newer technology and production methods.
- Some large Indian companies to merge as multi-nationals themselves such as Tata Motors, (Automobiles, Infosys (IT),
Ranbaxi (Medicines). - Globalization has also created new opportunities for companies providing services particularly those involving IT.
- Competition and uncertain employment, globalization and the pressure of completion have substantially changed the lives of workers.
Exam Year:
2020 Compartment
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