question_answer

Supposing you find two people aruging: 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 organisations?

Answer:

Benefits of Globalisation of India

(a) Increase in the volume of trade in goods and services.

(b) Inflow of Private Foreign Capital and export orientation of the economy.

(c) More availability of investible funds in the form of FDI.

(d) Helps   in   development   and strengthening of domestic economies of India.

(e) Improved productive efficiency and healthy competition.

(h) Increased volume of output, income and employment.

Negative Impact / Fears of Globalisation.

(a) It may not help in achieving sustainable growth.

(b) It may lead to widening of income inequalities among various countries.

(c) It may lead to aggravation of income inequalities within countries.

(d) It may lead to loss of autonomy.

(e) It may lead to greater dependence of the underdeveloped countries on advanced countries.

Whatever be the fears of globalisation, I feel that It has now become a process which is catching the fancy of more and more nations. Hence we must become ready to accept globalisation with grace, at the same time evolve measures and adopt methods by which we safeguard our national self-interest and also maximise economic gains from the world market. India is found to gain much from globalisation if proper policies are effectively implemented and economic reforms properly pursued.