Explain globalisation and how it has affected Indian society over the past years.
Nikita KaparwanBegginer
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Globalization is the increasing interconnectedness of the world’s economies, cultures, and societies. It’s driven by trade, technology, and investment.
In India, globalization has had profound impacts. Economically, it led to rapid growth, job creation, and foreign investment. However, it also widened income disparities. Socially, it exposed India to global cultures, leading to both cultural enrichment and challenges to traditional values. Technologically, it accelerated India’s IT sector, but also raised concerns about digital divide. Politically, India gained global prominence but faced challenges in balancing national interests with global pressures. Overall, globalization has been a complex process with both benefits and drawbacks for Indian society.
Globalisation is the process of interconnectedness and interdependence of different economies of the world on one another. In India, globalisation is introduced in the year 1991 through the policy of Liberalisation, Privatisation, and Globalisation (LPG). Globalisation has following effects on Indian society over the past years-
1. Economic effects- Globalisation has boosted the Indian economy and also brought foreign capital and employment opportunities for Indian youth. It also opens the door for multinational corporations (MNCs) resulting in the establishment of special economic zones (SEZs).
2. Social and cultural effect- Globalisation also helps in the transfer of Indian cultural values and heritage to the rest of the world. But, it also poses a challenge of the extinction of Indian values. It also helps to improve the standard of living of people and widen the variety of choices for consumers.
3. Technological effects– Globalisation has also helped in the improvement of the IT sector, which results in employment generation. Globalisation also increases competition for domestic producers, thus increasing the quality of production.
In conclusion, globalisation has had both positive and negative effects on Indian society over the past years.