Скачать или смотреть Class 10 chapter 4 -economics - Globalisation and the Indian economy

Globalisation refers to the integration of the domestic economy with the economies of the world, involving the free flow of goods, services, and investments across borders. In the context of the Indian economy, globalisation has led to increased foreign trade, investments, and competition.

Key Aspects of Globalisation:

*Liberalisation*: Removal of trade barriers and restrictions set by the government, allowing for easier import and export of goods and services.
*Foreign Investment*: Investment made by Multinational Corporations (MNCs) in other countries, promoting economic growth and job creation.
*Multinational Corporations (MNCs)*: Companies that own or control production in more than one country, often setting up offices and factories in regions with cheap labor and resources ¹ ².

Impact of Globalisation on the Indian Economy:

Positive Effects:
Increased choice of goods and services for consumers
Improved quality and lower prices due to competition
Creation of new job opportunities, especially in the services sector
Growth of successful Indian companies that have become multinational
Negative Effects:
Increased competition affecting small producers and workers
Job insecurity due to flexible employment arrangements
Widening income inequalities between skilled and unskilled labor

Factors Enabling Globalisation:

*Technology*: Rapid improvements in transportation and communication technology have facilitated globalisation.
*Trade Policies*: Liberalisation of trade and investment policies has encouraged competition and foreign investment .

Challenges and Criticisms:

*Fair Globalisation*: Ensuring that the benefits of globalisation are shared better and creating opportunities for all.
*Protecting Workers' Rights*: Implementing labor laws and protecting workers' interests.
*Addressing Income Inequalities*: Reducing the gap between skilled and unskilled labor ⁴.