Talk about how India’s rural development and economic growth are impacted by small-scale industries.
Globalization transformed India's economy by fostering growth, foreign investment and cultural exchange but also introducing challenges like job displacement, income inequality and environmental concerns, as India integrates into the global market and competes internationally. Impacts on ManufacturiRead more
Globalization transformed India’s economy by fostering growth, foreign investment and cultural exchange but also introducing challenges like job displacement, income inequality and environmental concerns, as India integrates into the global market and competes internationally.
Impacts on Manufacturing Sector –
- Globalization boosted India’s manufacturing sector by attracting foreign investment, enhancing competitiveness, increasing exports, creating new job opportunities, transferring advanced technologies and promoting innovation leading to accelerated growth, modernization and increased contribution to GDP.
- Globalization harmed India’s manufacturing sector through cheap imports, automation led job losses, environmental degradation, dependence on global markets and unequal competition threatening domestic industries, displacing traditional workers and widening income disparities among Indians.
Impacts on Employment Generation –
- Generated jobs in export oriented sectors, SMEs and services, but automation and import competition displaced traditional workers, reshaping employment.
- Globalization driven growth in automotive, electronics and pharmaceutical sectors created new jobs, skilled workforce opportunities and entrepreneurial ventures.
- Enabled SME growth generated jobs, stimulated entrepreneurship and increased workforce participation particularly for women and rural communities.
Globalization poses challenges to India’s manufacturing sector including skill gaps, infrastructure deficits and unequal competition. Recommendations include investing in vocational training, infrastructure development, simplifying regulations and promoting innovation and entrepreneurship to harness globalization’s benefits.
See less
Small scale industries are tiny businesses that create jobs, boost local economies and produce goods. They contribute significantly to India's growth , exporting 45% of products and include textiles, food and manufacturing.Small scale industries (SSIs) play a vital role in India's economic growth anRead more
Small scale industries are tiny businesses that create jobs, boost local economies and produce goods. They contribute significantly to India’s growth , exporting 45% of products and include textiles, food and manufacturing.Small scale industries (SSIs) play a vital role in India’s economic growth and rural development.
Economic Growth –
Rural Development –
The Indian government initiatives like Make in India, Startup India and Mudra Yojana boost small scale industries. However, challenges persist i.e. inadequate funding, regulatory hurdles, infrastructure deficits and competition from large scale industries.