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Globalisation Essay

2308 words - 10 pages

Globalization is the buzzword in the contemporary world. Broadly speaking, the term ‘globalization’ means integration of economies and societies through cross country flows of information, ideas, technologies, goods, services, capital, finance and people. Cross border integration can have several dimensions – cultural, social, political and economic. In fact, cultural and social integration even more than economic integration. The focus of this paper is to study the impact of globalization on economic, social and cultural fabric of India. Globalization has made countries to realize that nations can no longer be cocooned in their own cultural or economic nests but invariably be part of the ...view middle of the document...

Major measures initiated as a part of the liberalisation and globalization strategy in the early nineties included scrapping of the industrial licensing regime, reduction in the number of areas reserved for the public sector, amendment of the Monopolies and the Restrictive Ttrade Practices Act, start of the privatization programme, reduction in tariff rates and change over to market determined exchange rates. The Economic impact due to Globalization: 1. Globalization has given nations greater access to global markets, technology, financial resources and quality services and skilled human resources. 2. Improvement in and greater access to quality goods and services and an exponential increase in the volume of trade. 3. Access to global capital resources via the stock market and international debt depending on the economic potential of nations and their markets. 4. Access to technologies depending on the nations responsiveness to respect to protection of IPR and the responsible usage of technologies. 5. Access to the world markets to the skilled human resources from nations with inherent intellectual and technical capabilities (the outsourcing of IT, Pharma, BPO and KPO work). 6. Increase in exports of goods and services in which nations have their respective competencies. 7. Increased access to better and qualitative education. 8. Increased the purchasing capability of the nation through the creation of a sizeable middle class which is hungry for quality goods and services while there coexists a large poor class whose time is yet to come. One would expect that the fruits of liberalization and globalization would have a trickle down effect through the collection of taxes and revenues by Government due to increased trade and commerce. The SOCIAL impact due to Globalization: 1. The free flow of Information both general and commercial. 2. Globalization has through greater exposure liberalized our attitudes, reduced our biases and predispositions about people, situations and communities worldwide. 3. The advent of Information, Communication Technologies (ICT), Nations have built greater awareness of themselves and the other countries and cultures of the world. 4. One can see in India that inhibitions have been diluted because of the advent of media and the medium of entertainment. This has also naturally had some affect on the old cultural values with the focus now being on consumerism and success.. 5. The experience in India is of relevance because of the greater cultural and literacy diversity between states and the economic divide between the urban and rural areas of India.

ECONOMIC,SOCIAL AND CULTURAL IMPACT OF GLOBALIZATION ON INDIA

6. There has been a tremendous increase in consumerism, for goods and services whether necessary or perceived. A distinct change in life-styles with rapid adaptation to worldwide trends. The winds of globalization have been speeded up in this era of an Information Society and the increasing usage of...

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