Describe the impact of globalization on Indian economy with examples.
1. Globalisation and greater competition among producers have been of great advantage to the consumers who are now offered a wide variety of choices with low prices in the market particularly the well-off sections. This has, in turn, contributed to the rise in living standards of the people.
2. Multinational Corporations have increasingly invested in India in industries such as cell phones, automobiles, electronics, soft drinks, fast food or services such as banking. This process has led to a rise in employment generation and thus created new jobs and profiles in the market.
3. Although many producers and workers have not received the benefits of globalization, many local companies in India have prospered in supplying huge amounts of raw material to the various new industries.
4. Several top Indian companies have benefitted from globalization as they have invested in newer technologies and production methods and raised their production standards. Many such companies have also emerged as multinationals themselves. For example – Tata Motors, Infosys, Ranbaxy, Asian Paints, Sundaram Fasteners. Etc.
5. Globalisation has created immense opportunities for companies providing different services especially IT related services in the market. For example – The Indian Company producing a magazine for the London based company, call centers etc.