Effect of Globalization on India
The developed countries have been trying to pursue the developing countries for the liberation of trade and to allow flexibility in business policies to provide opportunities to MNCs in the Indian market. They are helped by the International Monetary Fund (IMF) and World Bank in this endeavor.
- Indian government liberalized trade and investment after pressure from World Trade Organization.
- Import duties were cut down phase-wise to allow MNCs to operate in India on basis of equality.
- The growth of foreign investments in fields of the corporate, retail, and scientific sectors is enormous in the country. This has a tremendous impact on social, monetary, cultural, and political areas.
- The growth of global trade, doctrines, and culture can be seen in India.
- Indian society changed drastically with urbanization and globalisation and economic policies came to influence the framework of the country’s economy.
- Cross-country culture and cosmopolitanism are important impacts of globalisation on the society of India.
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Impact of Globalization on India
Globalization is defined as the integration between countries through foreign trade and foreign investments by multinational corporations (MNCs). It has a major and almost instantaneous impact on the Indian economy.
Let’s discuss what is Globalization, its effect on the Indian economy and society, advantages, etc in detail
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