|
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.
|
