Mention any two factors that have enabled globalization in India. How can globalization be fair?

Globalization is the process of rapid integration or interconnection between countries. This refers to the movement of goods and services as well as investment and technology moving between the countries.

The factors that have enabled globalization are mentioned below:

a. Technology:

● The most important factor is the rapid improvement in the level of technology.

● For example, the improvement in transportation technology has made the movement of goods across a long distance possible at a lower cost and at a faster rate.

● Technology in the field of Telecommunication, computers, and the internet has been fast developing.

● Telecommunication facilities including telephone and mobile phones are used to contact each other across the world and have access to information quickly.

● It helps to communicate even in the remotest areas of the world.

● The development of the internet has also allowed us to send instant electronic mails and talk at negligible cost across the world through voice mails.

b. The liberalization of foreign trade:

● The government had put barriers to foreign trade and foreign investment after independence.

● A barrier refers to the restrictions set up to increase or decrease the foreign trade and to decide what kind of goods and how much of each should come into the country.

● It was considered important to protect the producers within India from the intensive competition of the foreign countries.

● Industries were just coming up in the 1950s and 1960s and competition from imports at that stage would not have allowed these industries to come up. India allowed imports of only essential items such as machinery, fertilizers, and petroleum.

● In 1991, it was the correct time for Indian producers to compete with producers across the world.

● It would lead to a healthy competition that would improve the performance of the Indian producers as they would have to improve their quality.

● This decision was supported by powerful international organizations.

● The barriers to foreign trade and foreign investment were removed to a large extent. This is called liberalization.

● Goods could be easily imported and exported.

● Foreign companies could set up factories and offices here.

● Businesses had the freedom to choose the goods that they wish to import or export