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    Globalization in India

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    Shyam Sundar
    Globalization has had significant economic, social, and cultural impacts on India. Economically, India has seen rapid GDP growth, increasing exports and FDI inflows. However, globalization has also increased inequality and unemployment. Culturally, Western influences like television, movies, and brands have spread widely. While globalization has connected India to the world, problems remain like poverty, gaps between rich and poor, and political instability. Overall, India has largely benefited from globalization but still faces challenges in development.

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    Globalization in India

    Uploaded by

    Shyam Sundar
    135 views24 pages
    Globalization has had significant economic, social, and cultural impacts on India. Economically, India has seen rapid GDP growth, increasing exports and FDI inflows. However, globalization has also increased inequality and unemployment. Culturally, Western influences like television, movies, and brands have spread widely. While globalization has connected India to the world, problems remain like poverty, gaps between rich and poor, and political instability. Overall, India has largely benefited from globalization but still faces challenges in development.

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    This document gives a detailed account of globalization and its effect in India.

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    Globalization has had significant economic, social, and cultural impacts on India. Economically, India has seen rapid GDP growth, increasing exports and FDI inflows. However, globalization has also increased inequality and unemployment. Culturally, Western influences like television, movies, and brands have spread widely. While globalization has connected India to the world, problems remain like poverty, gaps between rich and poor, and political instability. Overall, India has largely benefited from globalization but still faces challenges in development.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    135 views24 pages

    Globalization in India

    Uploaded by

    Shyam Sundar
    Globalization has had significant economic, social, and cultural impacts on India. Economically, India has seen rapid GDP growth, increasing exports and FDI inflows. However, globalization has also increased inequality and unemployment. Culturally, Western influences like television, movies, and brands have spread widely. While globalization has connected India to the world, problems remain like poverty, gaps between rich and poor, and political instability. Overall, India has largely benefited from globalization but still faces challenges in development.

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    of 24

    Globalization in India: Effects and Consequences

    Subhankar Chatterjee

    What is Globalization?
    The term globalization means International Integration.

    Opening up of world trade, development of advanced means of communication, internationalisation of financial markets, growing importance of MNC's, population migrations and more generally increased mobility of persons, goods, capital, data and ideas.

    It is a process through which the diverse world is unified into a single society.

    Wave of Globalization
    The wave of globalization hitted India at the end of the last century and still the country is flowing with the current of global changes.

    Economic Impact of globalization in India


    Multilateral agreements in trade, taking on such new agendas as environmental and social conditions. New multilateral agreements for services ,Intellectual properties, communications, and more binding on national governments than any previous agreements. Market economic policies spreading around the world, with greater privatization and liberalization than in earlier decades. Growing global markets in services. People can now execute trade services globally -- from medical advice to software writing to data processing , that could never really be traded before.

    Open Market policy -advantages

    Growing Indian Economy

    2010 GDP USD 1.36 trillion GDP growth rate 9% Services contribution 60-65% Balance of Trade Negative balance should increase with surging imports versus exports Investment goal USD 370 billion 2008 GDP USD 1.16 trillion GDP growth rate 9.5% Services contribution 60% Balance of Trade Negative balance should increase with surging imports versus exports Investment goal USD 305 billion 2006 GDP USD 590 billion GDP growth rate 9% Services contribution 54%

    Balance of Trade USD (-)46.2 billion


    Investment goal USD 250 billion

    Growing GDP
    1.200 1.000

    USD Billion

    800 600 400 191 200 0 103 105 453

    682

    398 237 125 105 204 135 2005-06 Industry

    231 145 2006-07 Services

    287 167 2010*

    1999-00 2002-03 Agriculture

    Source: India Brand Equity Foundation (IBEF)

    Growing Exports

    210 170 126.3 103.1 83.5 90 50 2004-05 2005-06 2006-07 2007-08* 130 155

    200

    USD Billion

    2008-09*

    Source: Ministry of Commerce & IBEF

    Growing FDI Inflows


    35 30 25
    USD Billion

    30 22

    20 15 10 5 0 2003-04 2004-05 2005-06

    8.9 4.3 6
    2006-07* 2007-08*

    India is ranked second in AT Kearneys FDI confidence index (2007)


    Source: Ministry of Commerce & IBEF

    Indias economic position among BRIC countries

    Impact of globalization on business in India


    India has a consumer base of 1.14 billion people. India is the 3rd largest global telecom market. The mobile subscriber base has grown from 0.3 Million in 1996 to over 250 million currently. India is likely to add over 200 shopping malls by 2010 and 715 malls by 2015.

    India is the worlds:


    2nd largest two-wheeler market, 4th largest commercial vehicle market

    11th largest passenger car market.


    Expected to be the 7th largest automobile market by 2016.

    Indian companies going Global


    Buyer Mittal Steel Reliance Industries Acquisition Arcelor,Luxembourg Flag Telecom, Bermuda Price US$ 26.5 bi US$ 212mi

    Tata Motors
    Infosys Technologies

    Daewoo, Korea
    Expert Information Services, Australia

    US$ 118mi
    US$ 3.1mi

    Bharat Forge
    Ranbaxy

    Carl Dan Peddinghaus, Germany


    RPG (Aventis) Laboratories, France

    N/A
    N/A

    Wockhardt
    Cadila Health

    CP Pharmaceuticals, UK
    Alpharma SAS, France

    US$ 18mi
    US$ 5.7mi

    Hindalco
    Wipro Aditya Birla United Phosphorus

    Straits Ply, Australia


    NerveWire Inc, USA Dashiqiao Chem, China Oryzalin Herbicide, USA

    US$ 56.4mi
    US$ 18.5mi US$ 8.5mi US$ 21.3mi

    Technological & Cultural impact of globalization in India.


    Access to television grew from 20% of the urban population (1991) to 90% of the urban population (2009). Even in the rural areas satellite television has a grown up market. In the cities Internet facility is everywhere .Extension of internet facilities even to rural areas.

    Global food chain /restaurants has already found a huge market in the urban areas of India.
    Lavish Multiplex movie halls, big shopping malls and high rise residentials are seen in every cities.

    Technological & cultural impact of globalization in India


    Telecommunication and Software Industries are booming in India.
    Entertainment sector in India has a worldwide market. Bollywood movies are distributed and accepted worldwide.Big international companies(Walt Disney,20th Century Fox,Columbia Pictures) are investing on this sector.

    Famous International brands(Armani,Gucci,Nike,Omega etc.) are investing in the Indian market with the changing of fashion statement of Indians.

    Impact of globalization on agriculture in India


    Agriculture acquired 17% of Indias GDP in 2008. 60% of population still depends on agriculture for their livelihood. Occupied 43% of Indias geographical areas. Agriculture Scientists are applying new technologies and instruments in growing crops. Different state governments of India are taking initiative to literate the farmers.

    Impact of globalization on education in India


    Literacy rate in India at present is 74.04% Foreign Universities are collaborating with different Indian Universities. Year Literacy Rate Male Female Female 29.8 39.3 54.2 65.46 Gap 26.6 24.8 21.6 16.94

    Person 1981 1991 2001 2010 43.6 52.2 65.4 74.04

    Male 56.4 64.1 75.8 82.4

    Two different face of globalization in India.

    Indias problem with Globalization


    Some section of people in India,basically poor and very poor,tribal groups,they did not feel the heat of globalization at all.They remain poor & poorest as they were. Increased gap between rich and poor fuels potential terrorist reaction. Ethical responsibility of business has been diminished. Youth group of India leaving their studies very early and joining Call centres to earn easy money thereby losing their social life after getting habituated with monotonous work. High growth but problem of unemployment. Multi party rule, hence political ideology intervenes globalization (reservation, labor law reforms).

    Price hike of every daily usable commodities.

    What are people talking about India?


    India has a fantastic pool of software professionals. The world needs to benefit from this. Bill Gates, Microsoft Chairman The dynamism shown by India in the last 15 years is phenomenal
    Paul Wolfowitz, ExPresident, World Bank

    India on its way to becoming IT, manufacturing kingdom of the world


    Mr Yasukuni Enoki, Japanese Ambassador to India

    This market (India) is critical to our plans for building a Ford Motor Co. for the 21st century
    Bill Ford, Chairman and CEO

    Conclusion
    Flowing with globalization ,India is shining in nearly every perspects. India is getting a global recognition and slowly moving towards to become a major economic and political strength.

    Though the developement is progressing rapidly,still many basic problems like rural poverty,corruption and political instability remained unsolved.

    Thank You

    Acknowledgement
    Websites: Reserve Bank of India, Ministry of Finance & Commerce,India Indian chamber of Commerce IBFF IFFCO IBN Google Images.

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