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Globalisation - Essay Example

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Globalisation

been broadly understood as a concept, policy and process casually used to describe a variety of phenomena that reflect increased economic interdependence of countries. It includes flows of goods and services across borders, reductions in policy and transport barriers to trade, international capital flows, multinational activity, foreign direct investment, outsourcing, increased exposure to exchange rate volatility, and immigration. These movements of goods, services, capital, firms, and people are believed to contribute to the spread of technology, knowledge, culture and information across borders (Fischer, 2003; Soros, 2002; Balakrishnan, 2003;Geriffi & Sturgeon, 2004). Thus, globalisation permeates the contemporary world.
The paper aims to understand the positive impact of globalisation in India. As such, the focus question is how do changes brought about by globalisation have a positive impact in India? The paper will have the following structure: first part is the introduction where globalisation is defined, and the problem is presented. The second part is the presentation of the economic scenario of India. And the third part is about the positive impact of globalisation in India.
India with a population of 1,139.96 million as of 2008 and a population growth of 1.3% annually is one of the emerging powers of the Third world (Harris, 2005). India’s 2008 GDP is $1,217.49 billion still higher by $40.60 billion than 2007despite the world economic crisis. Both the agricultural and industries sectors share 36% of GDP with 18% each respectively in 2008. The services sector comprises 53% of the GDP while India’s exports of goods and services for 2008 cover 24% of the GDP. There is a remarkable increase in workers’ remittances from $38666 million in 2007 to $51974 million in 2008. Foreign direct investments have tremendously increased from $6,677 million in 2005 to $22,950 million in 2007. Also, an increase in number of mobile phone subscribers from 21 per 100 ...Show more

Summary

It connotes the development of global financial markets, growth of transnational corporations, and their increasing dominions over national governments (Soros,…
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