Globalization in Indian Economy
There was a significant impact felt in the industrial, financial and agricultural sectors:
Industrial
The massive influx of both foreign capital investment and companies offshoring in India, particularly chemical, pharmaceutical manufacturing, and petroleum industries. Advanced kind of technologies and processes helped modernize the Indian industrial sector.
Financial
Before globalization, India’s financial sector was mismanaged by corruption and inept government officials. By taking charge of the financial sector out of the hands of bureaucracy, market competition increased in the field of innovation, creating more dimensions in the financial sector.
Agriculture
India is an agrarian economy, with the majority of the population depended on it. With globalization, the technological capabilities of farmers increased and gave a boost to exports from India.
Outsourcing
This is a principal result of globalization. Outsourcing has increased because of the increase in the quick forms of communication especially the growth of the IT sector. Many services such as voice-based business processes, accountancy, etc. are being outsourced by companies from advanced countries to India.
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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