Globalisation and Its Impact on Indian Economy
Globalisation, encompassing economy, finance, trade, and communications on a worldwide scale, has led to technological advancements, increased international commerce, and enhanced communication. While it brings about advantages like GDP growth and increased education, it also poses challenges such as uneven wealth distribution and income gaps. In the context of India, globalization has influenced policy changes, trade, employment patterns, and sectoral dynamics, impacting various segments of the population. Explore the complexities and implications of globalisation on the Indian economy.
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Presentation Transcript
Globalisation Globalization can be defined as an integration of economy, finance, trade, and communications from a world-wide perspective, in order to establish a successful economy on global basis Globalisation means free movement of capital, goods, technology, ideas and people. Any globalisation that omits the last is partial and not sustainable.
Technological advances Expansion of international commerce (exports and imports) Rising importance of private capital flows (stock markets and multinational corporations) Increasing travel and migration (international tourism and domestic diversity) Increased communication and interaction between peoples (through all sorts of media)
Globalisation is considered as the engine of growth, technical advancement, productivity, enlarging bringing about poverty reduction along with modernisation raising and employment
Advantages GDP Increase Per Capita Income Increase Unemployment is Reduced Education has Increased: Globalization has been a catalyst to the jobs that require higher skill set. Competition : The companies all around the world are competing on a single global platform. This allows better options to consumers.
Disadvantages Uneven Distribution of Wealth Income Gap Between Developed and Developing Countries Different Wage Standards for Developing Countries
Globalisation and Indian Economy Indian economy had experienced major policy changes in early 1990s. The new economic reform, popularly known as, Liberalization, Privatization and Globalization (LPG model) aimed at making the Indian economy as fastest growing economy and globally competitive
Globalisation and Indian Economy Trade at international level is increased Strengthening the Indian Economy Employment growth rate has decline Organised sector failed to generate employment Pushing workers from organised sector to unorganised sector Impact on SCs and STs Weakening of welfare state
