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    DOC-20241021-WA0109.

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    DOC-20241021-WA0109.

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    of 4

    Globalisation

    TOPIC- GLOBALIZATION

    SUBTOPIC- Meaning of Globalisation,


    Factors that enabled Globalisation in India, Impact of Globalisation on the
    Indian Economy

    MEANING OF GLOBALIZATION

    Globalization is defined as the integration between countries through


    foreign trade and foreign investments by multinational corporations
    (MNCs).

    FACTORS THAT ENABLED GLOBALISATION IN INDIA

    1. NEW ECONOMIC POLICY, 1991

    In 1991, New Economic Policy of India was launched under the leadership
    of P. V. Narasimha Rao. Under this policy some far reaching changes were
    introduced in the Indian economic scenario.
    The key features of this policy were LPG- LIBERALIZATION,
    PRIVATIZATION AND GLOBALIZATION

    LIBERALIZATION means removal of the barriers and restrictions from the


    foreign trade. These barriers were- tariffs, quotas and licenses.

    PRIVATIZATION means transfer of ownership from public to private to


    improve the quality of work and promote more competition

    GLOBALIZATION means becoming open to the world.

    2. TECHNOLOGY- improvement in transport, communication, IT and


    Satellite technology

    3. WTO- Constant pressure of WTO on India to open up to the world

    IMPACT OF GLOBALIZATION ON THE INDIAN ECONOMY

    Globalization has come a long way in the Indian economy

    The impact of globalization can be studied as under

    Positive impact of Globalization:

    1. Better quality of products

    2. More variety of products

    3. Competitive prices

    4. More capital formation


    5. World wide markets for the domestic producers

    6. Increase in employment opportunities

    7. Access to better technology

    8. Rise of the domestic companies as MNCs multi national company

    Negative impact of Globalization

    1. Loss of domestic industries

    2. Increase in income disparities unfair

    3. Exploitation of labour

    4. Environmental degradation

    5. Loss of the value system and traditions

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