Write positive and negative impacts of globalisation.

Globalisation is the process of rapid integration or interconnection between countries, in other words, it is an interaction between the different countries that leading to its overall development. Example - Tata Motors (automobiles), Infosys (IT), Ranbaxy (medicines), Asian Paints (paints), Sundaram Fasteners (nuts and bolts). Globalisation allows the movement of goods and services, investments and technology are between the countries. Because of globalisation countries are now connected to each other as compared to decades back. Globalisation allows the movement of people from one place to another. They travel to other countries in search of better income, better jobs or better education but the movement has now become less due to some restrictions.

The positive impacts of globalisation are –

• The globalisation benefitted the customers who belong to the well to do a section of the society.

• People now enjoy products with improved quality and low prices.

• MNCs created new employment opportunities.

• The local companies which provide raw materials to other industries also prospered.

The negative impacts of globalisation are –

• Their main aim is to maximize their profit no matter what.

• Globalisation brought workers being denied from their fair share of benefits.

• Due to the increasing competition, the employers hire workers on a requirement basis, thus their jobs are no longer secure.