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  Economics (NTSE/Olympiad)  

4. Globalisation and the Indian Economy

Positive Impact Of Globalisation In India

Positive Impact Of Globalisation In India
1. Variety of products :
Many MNCs have invested their capital in India. So the Indian consumers are getting variety and quality products at cheaper rates.
2. Development in infrastructure :
Due to this policy the condition of infrastructure has improved considerably. The government is building Golden Quadrilateral which will connect all major cities. Much progress can be seen in the communication sector.
3. Boost to Indian Companies :
Due to this policy the private sector has gained a big push. Now the private sector is free to import raw material and technology from other countries. Many restrictions on the import and exports have been lifted. Globalisation has enabled some large Indian companies to emerge as multinational companies themselves. Tata motors, Infosys, Ranbaxy, Asian paints are some companies which are spreading their operation world wide.
4. Boost to service sector :
Globalisation has also created new opportunities for companies providing services, particularly those involving information and communication technology.
5. Foreign currency and Foreign direct investment :
The foreign currency reserves have multiplied to a great extent due to new economic policy. Foreign direct investment which was just Rs. 174 crore in 1991 has risen to Rs. 9, 338 in 2000.
6. Global form of modern business :
Due to globalisation the business has now become global. Now India exports and imports of goods. Our industries have also entered in the all kinds foreign market.
7. Increase in competition :
The process of globalisation and liberalisation has increased the competition among the different industries. The competition has increased the efficiency and productivity levels of the private as well as public sector.

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