Globalization is an effort to reduce the geographical and political barriers and allows countries to share their trades, ideas, people and even cultures. It made the whole world a global village. Though globalisation has a deep root in the ancient era, it caught a pace after world wars to overcome global economic recession.
It is led by three dominant bodies- the world trade organization, the world bank and the international monetary fund that make global trade smooth and promote international businesses in deprived and emerging countries. The process of liberalization and globalization in India began in the year 1991 under the then finance minister Manmohan Singh.
Some key features of globalisation are-
- It helps in improving the economic growth rate of developing nations.
- Inspire businesses to work in cost- an effective way at the global level.
- Globalisation brings competitiveness among companies and hence the production quality is enhanced.
- It creates employment.
- It also enhances a faster flow of information and quick transportation of goods and services.
Moreover, one can order any item from anywhere merely sitting at home. Another plus point of globalisation is the diminishing cultural barriers between nations as it offers free access and cultural interactions. Also, it has been observed that there is a considerable reduction in poverty worldwide due to globalization.
Globalization of the businesses in the Indian marketplace is submerging the quality of imported goods but influencing the local Indian businesses badly in large part causing the job loss of illiterate and poor labours. Globalization has remained a goldmine for the customers, but it is also a burial ground for the small-scale manufacturers in India.
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