what are three aspects of globalisation that india have had or are currently having a significant effect on the people and/or government the area
what are three aspects of globalisation that india have
had or are currently having a significant effect on the people
and/or government the area?
The term globalization refers to the integration of the economy of the nation with the world economy.
India is one of the countries that succeeded significantly after the initiation and implementation of globalization. The growth of foreign investment in the field of corporate, retail, and the scientific sector is enormous in the country. It also had a tremendous impact on the social, monetary, cultural, and political areas. In recent years, globalization has increased due to improvements in transportation and information technology.
Major effect of globalization in India are:
1) Increase in employment: With the opportunity of special economic zones (SEZ), there is an increase in the number of new jobs available. Including the export processing zones (EPZ) center in India is very useful in employing thousands of people.
Another additional factor in India is cheap labor. This feature motivates the big companies in the west to outsource employees from other regions and cause more employment.
2) Increase in compensation: After globalisation, the level of compensation has increased as compared to the domestic companies due to the skill and knowledge a foreign company offers. This opportunity also emerged as an alteration of the management structure.
3) High standard of living: With the outbreak of globalisation, the Indian economy and the standard of living of an individual has increased. This change is notified with the purchasing behavior of a person, especially with those who are associated with foreign companies. Hence, many cities are undergoing a better standard of living along with business development.
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