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Question
Analyze any five positive effects of globalization on the Indian economy.
Solution
The positive impact of globalization on India
(i) The availability of variety of products enabled the consumers to have greater choice and enjoy the improved quality and lower prices for several products.
(ii) This led to a higher standard of living.
(iii) Increase in foreign direct investment.
(iv) Creation of new jobs in certain industries.
(v) Top Indian companies have been benefited by investing in new technology and production methods along with successful collaborations with foreign companies.
(vi) Globalization has enabled some large Indian companies to emerge as multinationals themselves. For example, Tata Motors, Infosys, Ranbaxy, etc.
(vii) Enabled some large Indian companies to emerge as multinationals.
(viii) Created new opportunities for companies providing services, particularly those involving IT.
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