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been broadly understood as a concept, policy and process casually used to describe a variety of phenomena that reflect increased economic interdependence of countries. It includes flows of goods and services across borders, reductions in policy and transport barriers to trade, international capital flows, multinational activity, foreign direct investment, outsourcing, increased exposure to exchange rate volatility, and immigration. These movements of goods, services, capital, firms, and people are believed to contribute to the spread of technology, knowledge, culture and information across borders (Fischer, 2003; Soros, 2002; Balakrishnan, 2003;Geriffi & Sturgeon, 2004). Thus, globalisation permeates the contemporary world.
The paper aims to understand the positive impact of globalisation in India. As such, the focus question is how do changes brought about by globalisation have a positive impact in India? The paper will have the following structure: first part is the introduction where globalisation is defined, and the problem is presented. The second part is the presentation of the economic scenario of India. And the third part is about the positive impact of globalisation in India.
India with a population of 1,139.96 million as of 2008 and a population growth of 1.3% annually is one of the emerging powers of the Third world (Harris, 2005). India’s 2008 GDP is $1,217.49 billion still higher by $40.60 billion than 2007despite the world economic crisis. Both the agricultural and industries sectors share 36% of GDP with 18% each respectively in 2008. The services sector comprises 53% of the GDP while India’s exports of goods and services for 2008 cover 24% of the GDP. There is a remarkable increase in workers’ remittances from $38666 million in 2007 to $51974 million in 2008. Foreign direct investments have tremendously increased from $6,677 million in 2005 to $22,950 million in 2007. Also, an increase in number of mobile phone subscribers from 21 per 100
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(“Globalisation Essay Example | Topics and Well Written Essays - 2000 words - 4”, n.d.)
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(Globalisation Essay Example | Topics and Well Written Essays - 2000 Words - 4)
“Globalisation Essay Example | Topics and Well Written Essays - 2000 Words - 4”, n.d. https://studentshare.org/miscellaneous/1560969-globalisation.
Implementing effective marketing strategies in the globalization environment reduces risk management issues. Search: Globalisation convergence business market risk. Globalisation reduces revenue risks Globalisation has leveled the playing field, in terms of generating revenues.
This process facilitates effective circulation of ideas, languages, and cultural ideologies. Nations today tend to liberalise cross-border trade regulations as they realised the significance of increased cross-border trade for international business expansion.
According to Rothenberg (2003), “globalisation is the acceleration and intensification of interaction and integration among the people, companies, and governments of different nations” (pp: 1). Today, with the altering viewpoints, globalisation has emerged as “neologism of the new millennium” (Putko, 2006: 1).
Products of whatever kind and products that threatened world extinction began to dominate man’s quest for progress and development. That is materialism at its worst, or at its best. Recent authors and commentators assert that globalisation began at the end of the Cold War which was in the period 1989-1991.
Globalization has increased the concerns of several nations as it poses a threat to the initiatives that are taken on the local level and these initiatives are indigenous in nature. Developing countries have already been burdened by the negative side of globalization and they have started protesting against it.
In essence, globalisation is a powerful real aspect with regard to the new world system, where it signifies one of the most prominent forces that assist in determining the future course of the world. Moreover, globalisation has various dimensions that assist in the process of making the world a single society.
Globalization was the byword of the 1990s, reflecting the rapid growth of international financial transactions, the integration of developing countries into the world economy, and the information and communications revolution that brought satellite television, the cell phone, and the Internet to remote corners of the world.
Economic globalization is one of the most powerful sources to have shaped the post-war world and the two major drivers behind globalization are reduced costs in transport and communication in the private sector and reduced policy barriers to trade and investment on the
Hence we are faced with either a process or a strategy, and they are not the same.
Trade, investment, finance and labour are the important elements of world economy. Globalisation is the expansion of these economic activities across