Economics
Supposing you find two people arguing: One is saying globalisation has hurt our country’s development. The other is telling, globalisation is helping India develop. How would you respond to these arguments?
Global & Ind Econ
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Answer
Globalisation is a complex phenomenon with both positive and negative impacts. In the case of India it has undoubtedly brought opportunities for economic growth, job creation, and technological advancement, particularly in sectors that have become India's strengths such as IT and services. However, it has also posed challenges such as income inequality, environmental degradation, and vulnerabilities to global economic fluctuations. To address these concerns and maximize the benefits of globalisation, India needs to pursue policies that promote inclusive growth, sustainable development, and resilience against external shocks.
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Fill in the blanks.
Indian buyers have a greater choice of goods than they did two decades back. This is closely associated with the process of …………… . Markets in India are selling goods produced in many other countries. This means there is increasing …………… with other countries. Moreover, the rising number of brands that we see in the markets might be produced by MNCs in India. MNCs are investing in India because …………… . While consumers have more choices in the market, the effect of rising …………… and …………… has meant greater …………… among the producers.
Match the following.
Column A Column B (i) MNCs buy at cheap rates from small producers (a) Automobiles (ii) Quotas and taxes on imports are used to regulate trade (b) Garments, footwear, sports items (iii) Indian companies who have invested abroad (c) Call centres (iv) IT has helped in spreading of production of services (d) Tata Motors, Infosys, Ranbaxy (v) Several MNCs have invested in setting up factories in India for production (e) Trade barriers