Impact of Globalisation | Globalisation & the Indian Economy

IMPACT OF GLOBALISATION IN INDIA In the last fifteen years, globalisation of the Indian economy has come a long way. What has been its effect on the lives of people? We look at some Among producers and workers, the impact of globalisation has not been uniform. Firstly, MNCS have increased their investments in India over the past 15 years, which means investing in India has been beneficial for them. MNCS of the evidence. Globalisation and greater competition among producers - both local and foreign producers - has been of advantage to particularly the well-off sections in the urban areas. There is greater choice before these consumers who now have been interested in industries such as cell phones, automobiles, electronics, soft drinks, fast food or consumers, enjoy improved quality and lower prices for several products. AS a result, these people today, enjoy much higher standards of living than was possible earlier. services such as banking in urban areas. These products have a large number of well-off buyers. In these industries and services, new jobs have been created. Also, local companies supplying raw materials, etc. to these industries have prospered. Secondly, several of the top Indian companies have been able to benefit from the increased competition. They have invested in newer technology and production methods and raised their production standards. Some have gained from successful collaborations with foreign companies. are some Indian companies which are spreading their operations worldwide. Globalisation has also created Moreover, globalisation has enabled some large Indian companies to emerge themselves! Tata Motors (auto- mobiles), Infosys (IT), Ranbaxy (medicines), Asian Paints (paints), Sundaram Fasteners (nuts and bolts) new opportunities for companies providing services, particularly those involving IT. The Indian company producing a magazine for the London based company and call centres are some examples. Besides, a host of services such as data entry, account- ing, administrative tasks, engineering are now being done cheaply in as multinationals countries such as India and are exported to the developed countries. The conditions of work and the hardships of the workers described above have become common to many industrial units and services in India. Most workers, today, are employed in the unorganised sector. Moreover, increasingly conditions of work in the organised sector have come to resemble the unorganised sector. Workers in the organised sector such as Sushila no longer get the protection and benefits that they enjoyed earlier.