GLOBALIZATION HAS MORE PROS THAN CONS








In 1991, the New Industrial Policy was created to make the industrial sector more profitable by giving it additional ease and introducing it to new arenas. Liberalization, Privatization and Globalization were the three major aspects of this policy. Basically, Globalization means connecting the economy of a country with the economy of the world. Like there are two sides of every coin, Globalization also has its pros and cons.

By implementing the Globalization rule, the Indian market has expanded all over the world. The Indian products which were normally sold only in India are now sold worldwide. Through this, foreign money enters our economy which helps in increasing the nation’s income. The citizens also gain access to goods from all over the world. Formerly, the kiwis from New Zealand were not available in India, but are now easily available. Indian farmers get to sell their produce in the global market. Globalization policy also made import-export easier by relaxing some stringent rules. Along with that, the government also made provisions for the smooth exchange of foreign currency, thereby encouraging trade with other nations.

However, this policy has raised the required standards of the products. When a producer is selling his goods on such a platform, his goods are expected to be of the finest quality. When they are competing against the good from other countries, they are unable to withstand the competition.  Another concept related to globalization is Dumping. Companies often ‘dump’ their low quality and somewhat-damaged goods in developing countries like India, Pakistan, Bangladesh, etc. for a cheaper rate. This is harmful to the local sellers as they cannot give their goods at a similar nominal rate.

When observed from a larger sense, globalization’s advantages outweigh its disadvantages. With globalization, FDI increased which lead to more investments in India by global companies. This lead to more employment, introduction of new technology and new working patterns of the other countries, which are all valuable for Indians. Indeed, some sectors of the economy suffer due to globalization but all of that is insignificant when compared to the benefits the economy is reaping through the policy. Hence, it is a fact that Globalization has more pros than cons.


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