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Question
How has globalisation impacted on India and how is India in turn impacting on globalisation?
Solution
Impact of Globalisation on India:
- More new jobs have been created in the MNCs like cell phones, fast food etc.
- India is playing a crucial role among developing countries in trade and commerce by making some companies multinational themselves i. e. Tata Motors, Ranbaxy etc.
- Foreign Direct Investments have also been increased.
- It has invited inflow of private foreign capital and export oriented activities.
India in turn impacting:
- Through responding to 1991 financial crisis, Indian economy was liberalised to attract foreign direct investment.
- India introduced new trade policy reforms to remove tariffs and restrictions imposed on imports.
- Under industries, it abolished licensing system exempting few specified industries only.
- Banking operations by private sectors were permitted to expand in the country.
- To promote globalisation, India has adopted an open economy.
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