Globalization has been selective of social sections and economic sctors in sharing its boons & banes. In light of this statements, discuss the impact of globalization on indian society?
The economic reforms of 1991 laid the groundwork for modern economic growth in India, impacting various sectors including macroeconomic indicators, poverty reduction, employment growth, and income inequality. Macroeconomic Indicators Prior to the 1991 reforms, India's average GDP growth rate was aroRead more
The economic reforms of 1991 laid the groundwork for modern economic growth in India, impacting various sectors including macroeconomic indicators, poverty reduction, employment growth, and income inequality.
Macroeconomic Indicators
- Prior to the 1991 reforms, India’s average GDP growth rate was around 5.6%. After the reforms, the average growth rose to 7%.
- The inflation rate decreased from 17% in 1991 to 8.5% within two years post-reforms.
- The policy also helped the government reduce the fiscal deficit from 8.4% to 5.7%.
- Foreign exchange reserves increased from $1.2 billion in 1991 to about $15 billion by 1994.
- Due to the liberalization of the economy, exports nearly doubled between 1990-1991 and 1993-1994, indicating greater integration into the global economy.
Poverty And Employment
- With the growth of the open market and reduced bureaucratic hurdles for starting a business, employment significantly increased between 1991 and 2001.
- India’s affordable, English-speaking workforce attracted foreign investors.
- The IT and BPO sectors flourished, reducing unemployment and becoming the backbone of the Indian economy.
Deregulation of Industries
- Removal of licensing requirements for industries allowed for easier business expansion, leading to increased efficiency, competition, and affordable prices for consumers.
- Banks were allowed to set interest rates, and the stock market was opened up, creating greater investment opportunities.
Privatization
- The government reduced its participation in business and started privatizing public sector undertakings, reducing the number of industries reserved for the public sector from 17 to 3.
- This allowed the government to focus on better governance and more efficient utilization of the budget.
Model Answer Introduction The quest for effective mental healthcare is fraught with challenges, especially in our globalized world where various factors impact mental well-being. According to the World Health Organization (WHO), mental health is essential for coping with life stresses and contributiRead more
Model Answer
Introduction
The quest for effective mental healthcare is fraught with challenges, especially in our globalized world where various factors impact mental well-being. According to the World Health Organization (WHO), mental health is essential for coping with life stresses and contributing to community (WHO, 2021).
Diverse Influencing Factors
Migration
Migrants face significant mental health challenges, including loneliness, cultural dislocation, and racism. These factors can lead to increased anxiety and depression (Bhugra, 2005).
Economic Factors
Low socio-economic status correlates with higher psychiatric morbidity. The competitive nature of modern society further exacerbates stress, particularly among youth (Marmot, 2005).
Changing Relationships
The decline of joint family systems has left many individuals without essential support networks, leading to increased marital stress and difficulty in forming new interpersonal relationships (Kumar, 2018).
Social Media Influence
The rise of social media has contributed to increased anxiety and depression among young people due to addiction and a culture of comparison that disrupts sleep and alters behavior (Twenge et al., 2017).
Systemic Challenges in India
Despite initiatives like the National Mental Health Program, significant barriers remain:
Stigma
Stigma surrounding mental health prevents individuals from seeking help, leading to isolation and worsening conditions (Corrigan, 2004).
Resource Shortages
India has a severe shortage of mental health professionals, with only 0.75 psychiatrists per 100,000 people, far below the WHO recommended ratio of three (WHO, 2017).
Inadequate Training
The training of healthcare providers often fails to meet the demand for specialized mental health care, limiting effective treatment options (Reddy, 2016).
Funding Issues
Less than 40% of allocated funds for mental health initiatives have been utilized, demonstrating a lack of commitment to addressing these critical issues (National Mental Health Survey, 2016).
Conclusion
Addressing mental health care in a globalized context requires a multifaceted approach that recognizes the diverse needs of populations. Policy measures must be tailored to address socio-economic and cultural factors, promoting an inclusive and effective mental health system.
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