Question

Explain the concept of ‘Globalisation’ and its impact on Indian economy.

Hint:

Globalisation leads to economic integration, technological progress, and growth but also creates inequality and market dependency.

Answer 1

Introduction:
Globalisation refers to the increasing integration and interconnection of economies across the world through trade, investment, technology, and communication. Impact on Indian Economy:
1. Economic Growth:
Globalisation increased international trade and foreign investment, contributing to higher economic growth in India.
2. Employment Opportunities:
Expansion of sectors such as Information Technology (IT), services, and manufacturing created new job opportunities.
3. Technological Advancement:
India gained access to modern technology, innovation, and global markets.
4. Challenges and Inequality:
Globalisation also increased income inequality and made the economy more dependent on global markets. Conclusion:
Thus, globalisation has significantly influenced the Indian economy by creating opportunities for growth while also presenting certain economic and social challenges.