Economic Impact

India experienced substantial economic growth through the Liberalization, Privatization, and Globalisation (LPG) model. 

• This policy framework led to a remarkable increase in India’s GDP (for example it was a 9.7% growth rate inthe fiscal year 2007-2008).
• India has emerged as the fourth-largest market in the world in terms of market capitalization.
• Globalisation provides consumers worldwide with access to a broader range of products and services, encouraging industries to innovate and improve quality.
• Developing countries like India benefit from an influx of investments originating from developed nations, which play a crucial role in fueling economic growth.

Technological Advancements and Brain Gain

• Globalisation has spurred significant technological progress. 
• In developing countries, this progress has led to a reverse brain drain, as skilled professionals return to their home countries to contribute to technological growth and development.

Cultural Impact

• Globalisation has led to a significant increase in television and internet access in India. Television access expanded from 20% in 1991 to 90% in 2009.
• The Globalisation of food chains has brought a wide variety of international cuisines to India. Restaurants serving global dishes have become popular, allowing people to have tastes from around the world within the country.
• Indian cities are witnessing the widespread availability of modern technologies, including the Internet. This has empowered people with access to various digital tools and platforms.
• The entertainment sector in India, notably Bollywood, has gained global recognition and a broader market presence. It has expanded its reach and popularity on the global stage.

Social Impact

• Globalisation has exposed Indians to a wider market, broadening their mindsets and reducing stereotypes about nations, individuals, and communities worldwide.
• The advent of information and communication technologies has increased awareness about different countries, cultures, and traditions. However, it has also shifted the focus from traditional values towards consumerism and success.
• Globalisation has contributed to poverty reduction in India. Economic growth and increased opportunities in sectors like IT have played a role in improving livelihoods.

Impact on Education

• Globalisation has played a role in reducing illiteracy rates in India, leading to a higher literacy rate.
• It has encouraged collaborations between Indian and foreign universities, enhancing educational opportunities and opening up new paradigms in the education system.
• It has bridged the gap between formal and informal learning practices, making education more accessible and versatile.

Impact on Women

• Globalisation has improved employment conditions for women, offering better wage balance, flexible working hours, and the ability to balance their roles at home and in the corporate world.

Growth of Private or Corporate Sector:

• Globalisation has led to the growth of the private corporate sector. Indian companies, especially in IT and pharmaceuticals, have expanded their presence in the global market.
• Increased competition on the global stage has spurred innovation and efficiency within the private sector.