Essay on Globalisation: The growth of the country’s economy and its higher integration on par with the global economic standards is described as globalization. Foreign investment in corporate, scientific and education sectors has created a financial and political impact on the country’s economy. Globalization increases employment opportunities, higher compensation rates, and naturally raises living standards. It creates a wider market for job outsourcing, access to higher technology aspects and global markets.
Essay on Globalisation 500 Words in English
Below we have provided Globalisation Essay in English, suitable for class 6, 7, 8, 9 & 10.
Globalisation is an expansion of various business, services, and technologies to the global market. We can define globalisation as a process of interaction among people, companies, and governments worldwide. In economic terms, globalisation can be described as the interdependence of the different countries to foster the trade beyond their boundaries.
Impact of Globalisation in India
The effects of globalization are very much visible in all the countries around the globe; hence, they can be seen on the Indian economy. India is one of the countries where competitiveness increases immensely after globalisation. Globalisation forced Indian companies to opt for new business strategies to produce better and on-time results. Globalisation hit India in 1990, Mr. Manmoham Singh was the finance minister of India. Since then, the country is doing good on the economic front and moving towards to become a strong and powerful economy in the world.
Till 1990’s Indian economy was not open for globalisation as it was constrained by the barriers to trade and investment liberalisation in the country. But after a major crisis in the Indian economy, it removed all the barriers and opened its economy for the globalisation to receive a positive push. Reduction in the number of areas reserved for the public sector, initiating the privatisation programme, and amendment of the monopolies are among a few of them. Over the year, India has been witnessing steady liberalisation and globalisation, and more sectors are now opened up for direct foreign investment. Other new sectors like telecom, airports, insurance etc. are welcoming the direct foreign investment.
Advantages of Globalisation
Globalisation in India has increased the competitiveness in business. After adopting the LPG model (Liberalisation, Privatisation, and Globalisation) of the economy, India’s economy has witnessed rapid growth.
Transfer of Technology: Globalisation acts as a mechanism for transferring the technology from the developed countries to the under-developing countries like India. India’s present economy and technology allow Indian companies to invest a little amount in R&D (Research and Development).
Rise in Employment: Globalisation led the development of SEZ (Special Economic Zones) where more jobs are created. Indian offers cheap labour, so many developed countries have started to outsource their work to India.
Improved Standard of Living: The shopping habits of Indians changed after globalisation hit the country. Living standards of Indians have improved a lot in the past few decades.
Reduce Poverty: Globalisation has played a vital role to reduce poverty in India. We have developed a lot as a country, but poverty is still a severe challenge. Globalisation helped the Indian economy grow and give competition to other developed countries’ economy.
Education: Globalisation made it easy for those who want to move across the border to acquire better education. People from underdevelopment countries have started to move to developed countries to get a better education.
Disadvantages of Globalisation
Unemployment: Globalisation has created many new opportunities in terms of job and business, but on the other hand, it has become a big reason for unemployment. When a country outsources its services, it takes the opportunity from its citizens and gives it to other country’s people to earn more benefit. The same is happening now because of globalisation.
Dominant Global Brands: In the era of globalisation, the competition has reached its peak, and in such a competitive environment, it becomes difficult for the small industries to survive. The dominant global brands don’t let the small industries to grow. Superior technologies hold the most of market share and for new and small industries to hold a good grip on the market becomes a challenge.
Rat Race: To attract more inward investment, the nation lowers down their taxes which initiate a rat race among the nations. All the countries have to save money in the condition of low taxes. So they have to do the cost-cutting which resulted in a lack of basic security and other issues with employees.