Dicribe the impact of globalzation on …

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Dicribe the impact of globalzation on the Indian economy

Posted by Kulwinder Walia 6 years, 9 months ago

CBSE > Class 10 > Social Science

1 answers

Sia ? 6 years, 9 months ago

Increase of Indian Share in world export:- With the process of globalisation, the Indian share in world export has increased. Indian goods and services in India for the decade of 1990-2000 has increased by 125%. In 1990, the Indian share in the world’s export of goods and services was 0.55% which increased up to 0.75% in 1999.
Foreign investment in India:- Foreign direct investment is an important feature of globalisation because foreign investment increases the capacity of production of any economy. Foreign investment in India is continuously increasing. From 1995-96 up to 2000-01 it has increased by 53% and during this time, 500 crores annually has been invested in India.
Foreign Exchange Reserves:- Foreign exchange is necessary for import. In June 1991, foreign exchange reserves in India was 1 Billion Dollars which was enough to fulfil the needs of the country for only two weeks. After this, India adopted new economic policies, Globalisation and liberalisation were encouraged because of which foreign exchange reserve increased very quickly. Now our foreign exchange reserve in near to 280 Billion Dollars.
Growth of Gross Domestic Product:- Because of globalisation, the Gross Domestic Product (GDP) of the country has increased. In 1980, it was 5.63% which increased to 5.80% in 1990. At present, it is around 5%.
Increase in unemployment:- Because of globalisation, unemployment in India has increased. During the decade of 1990-2000, economic problem came in Mexico, South Korea, Thailand, Singapur, Indonesia, Malaysia and it come because of globalisation. That’s why millions of people lost their jobs and they had to live below the poverty line. At the start of 1990’s, the rate of unemployment was 6% which increased up to 7% in 2000.
Impact on Agriculture:- The share of agriculture and its related activities in the Gross Domestic Product of country is 29%. But it is 2% in U.S.A., 55% in Japan and France. If we look at the labour force then India’s 69% labour force is related with agricultural functions but labour force in agricultural sector in U.S.A. and U.K. is only 2.6%. In the near future, it is necessary for India to open its market for world companies in agricultural sector which is in agreement with W.T.O. This time will be challenging for India.

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