Impact of globalization on Indian economy from "summary" of Oswaal NCERT One For All for UPSC & State PSC's Indian Economy Classes-9 to 12 (Old & New NCERT Edition) (For 2023 Exam) by Oswaal Editorial Board
Globalization has had a significant impact on the Indian economy. It has opened up new avenues for trade and investment, leading to increased economic growth and development. With the liberalization of trade policies, India has been able to integrate into the global economy and benefit from international trade. One of the key benefits of globalization for the Indian economy has been the increase in foreign direct investment (FDI). Foreign companies have been attracted to India's growing market and skilled workforce, leading to the establishment of new businesses and industries. This has helped in creating job opportunities and boosting economic growth. Globalization has also resulted in increased competition in the Indian market. Domestic companies have had to improve their products and services to compete with international players. This has led to higher efficiency and productivity, benefiting consumers and the economy as a whole. Furthermore, globalization has facilitated the transfer of technology and knowledge from developed countries to India. This has helped in the development of new industries and the adoption of advanced technologies, leading to increased innovation and growth in various sectors. However, globalization has also brought challenges for the Indian economy. The increased competition from foreign companies has put pressure on domestic industries, leading to job losses and economic instability in some sectors. Additionally, the dependence on global markets for trade can make the Indian economy vulnerable to external shocks and fluctuations.- The impact of globalization on the Indian economy has been both positive and negative. While it has opened up new opportunities for growth and development, it has also posed challenges that need to be addressed. Overall, globalization has played a significant role in shaping the Indian economy and will continue to influence its trajectory in the future.
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