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.


Comments

Post a Comment

Popular posts from this blog

Old Loves

Image
An odd assortment of English, kesudas and golden showers Agatha Christie once said, ‘Nothing like boredom to make you write.’ It is true. As I write this, I am sitting in the library with my books open in front of me and I, for the life of me, cannot make myself study Hamlet and his sad tale. Like every normal teenager, I turned to surfing the net and suddenly remembered that I have a blog. Here I am, writing on said blog, hoping to make this an awesome entry. English is a funny language. The plural of foot is feet and not foots and the plural of goose is geese and not gooses . All through school and until quite recently, I, like many others, had just accepted this funny quality of the English language and simply followed the rules. English is a wonky tongue, I told myself. But now, for one hour on most days, I get to understand English and the what’s and why’s of the language. Yes, English is a wonky language but now I get to have my mind blown by why it is so wonky. You know, i...
Read more

To Prufrock

Image
  Image Source: Freepik   To Prufrock   He sits across the table Staring deep into his coffee cup, Counting every stir of his spoon. I look at him as he focuses on his coffee, Considering. Deliberating.   He is lean and fair, With honest eyes Lost in some otherworldly thought, His mind calculating some complexity. Something bothers him- Causing him to avert his eyes To his empty palms on his lap, or to the wall behind me. Something that causes him to look everywhere, But directly into my eyes And reveal truths that flicker just beneath; Something that unconsciously Brings him to run his fingers through his hair, As though wanting To hide a part of himself From wicked eyes that yearn to devour.   What is it  That makes you so digress?  What is it  That holds you back, The question dancing right at the tip of your tongue, Waiting to slip right out And exist in the silence before us? Desire stirs, yet dies unclaimed, I feel it, sharp, the pulse benea...
Read more

Time travelling, Doraemon and the Sublime Beauty of July

Image
Time! Aren't you just a daydream! Had I been writing in the pen-paper mode, I would have had a whole mess of crumpled paper balls around me, on the floor. I have a bunch of ‘untitled document’-s with paragraphs of varying lengths in my google docs- a testimony of the number of times I have attempted to talk about time travel. See, the thing is, ever since I read this book called ‘Before the Coffee Gets Cold’ I have been thinking about time travel. I have been wanting to talk about time travel and about the fact that the book is lovely even though it is translated from Japanese. The universe is telling me to write about it, at this point, because wherever I look, time travel is all I see! I must say, for a race without any superpowers, we do fantasize about it too much. Take something as basic as the cartoon ‘Doraemon’. Tell me, what normal, Doraemon-watching kid hasn’t ever dreamt of having a walking-talking robot who is your ultimate panacea? I suppose, feeling annoyed at Nobita a...
Read more