Suppposing you find two people arguing: One is saying globalization has hurt our country’s development. The other is telling, globalization is helping India develop. How would you respond to these arguments?

Both the arguments has their share of truth. As Globalisation can be summed has having both positive and negative attributes. And these attributes can be stated as follow:

Positive impact of the globalization on India-

(i) Greater variety of products, with improved quality and reasonable price.

(ii) Availability of products at economical rate has led to higher standard of living.

(iii) Increase in foreign direct investment

(iv) Creation of employment in certain sectors.

(v) Top Indian companies have been benefited by investing in new technology and production methods along with successful collaborations with foreign companies.

(vi) Has led to some large Indian company to emerge as multinationals themselves. For example, TataMotors, Infosys, Ranbaxy etc.

(vii) Created immense opportunities for companies in service sector, particularly in IT.

Negative impact of the globalization on India-

(i) Producers who failed to compete, got perished. All this competition has led to increased unemployment. For instance, batteries capacitors which have been hit hard due to tough competition.

(ii) Has led to greater casualization of work. Owing to increased pressure of competition most employers these days prefer to employ workers ‘flexibly’. This means that workers’ jobs are no longer secure.