Midterm Period Assignment 7 - Globalisation

Directions: Read and answer the following questions.
Post your answer here and corresponding

points will be given.
1. Write briefly on ‘Globalisation and India’.
 Globalization describes a process by which regional economies,societies, and

cultures have become integrated through a global network of communication,
transportation,and trade. The term is sometimes used to refer specifically to
economic globalization. The integration of national economies into the
international economy through trade, foreign direct investment, capital
flows,migration,and the spread of technology. The Indian economy was in major
crisis in 1991 when foreign currency reverse went to $1 billion. Globalization had
its impact on various sectors including Agricultural,Industrial,Financial,Health
sector and many others. It was only after the LPG policy i.e.
Liberalization,privatization ang Globalization launched by the Finance Minister
Man Mohan Singh that India saw its development in various setors.
2. Discuss the role of globalisation in development of Indian business.
 India was main mover of globalization. The government of India made major
modifications in its economic policy in 1991 by which it allowed direct foreign
investments in the country. As a result of this, globalization of the Indian Industry
occurred at large scale. In India, economic expansion was observed in
nineteenth century due to major crisis led by foreign exchange. The liberalization
of the domestic economy and enhanced incorporation of India with the global
economy helped to step up gross domestic product (GDP) growth rates which
made good position in global scale. Effects of globalization in Indian Industry are
observed as this process brought in large amounts of foreign investments into
the industry especially in the BPO, pharmaceutical, petroleum, and
manufacturing industries. As a result, they boosted the Indian economy quite
significantly. The benefits of the effects of globalization in the Indian Industry are
that many foreign companies set up industries in India, especially in the
pharmaceutical, BPO, petroleum, manufacturing, and chemical sectors and this
helped to offer great opportunities for employment to Indian people. Also this
helped to reduce the level of unemployment and poverty in the country. It is
observed that the major forces of globalization in India has been in the
development of outsourced IT and business process outsourcing services. Since
last many years, there is an increase of skilled professionals in India employed
by both local and foreign companies to service customers in the US and Europe.
These countries take advantage of India's lower cost but highly talented and
English-speaking work force, and utilizes global communications technologies
such as voice-over IP (VOIP), email and the internet, international enterprises
have been able to lower their cost base by establishing outsourced knowledge-
worker operations in India. The foreign companies brought in highly advanced
technology with them and this made the Indian Industry more technologically
advanced.
3. Mention any four major trends in the changing scenario of Indian business.
 Emerging markets are growing quickly.
 Industry leaders are relying more on data analytics.
 Consumers have instant access to more product information.
 Rapid innovation countries.
4. Explain the policy issues involved in globalisation
 The key problems of the major institutions of global governance is that of unilateralism
led by hegemons and lack of democracy in the workings and operations of these
institutions – voting and representation is heavily skewed towards the hegemons.
Secondly, these institutions have continued to foster policies in the old spirit and using
the same methods, without taking into account the dynamising impact of the logic of
globalisation which has implication for time and space compression and mobility of
capital and markets.
5. “Very significant differences still exist between national markets along many relevant
dimensions”. Substantiate.
 Globalization is a multidimensional phenomenon that encompasses not only economic

components but also cultural, ideological, political and similar other facets (Prasad and
Prasad, 2006). Consequently, globalization has been addressed from the points of view
of economics, social sciences, politics and international relations and has been subject
to endless debates in various disciplines. Nonetheless, globalization effects are rarely
addressed as a determinant that impacts societies and their cultures. More precisely, the
interaction between globalization and culture still remains under-researched (Prasad and
Prasad, 2007) and the current globalization debate in this respect is relatively recent
(Acosta and Gonzalez, 2010). Along the same lines, the literature has not been able to
stress whether concepts such as Americanization and Macdonalization are synonymous
with globalization (Latouche, 1996).

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Directions: Read and answer the following questions.

Post your answer here and corresponding

1. Write briefly on ‘Globalisation and India’.

 Globalization describes a process by which regional economies,societies, and

2. Discuss the role of globalisation in development of Indian business.

4. Explain the policy issues involved in globalisation

 Globalization is a multidimensional phenomenon that encompasses not only economic

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