Globalisation And Its Imapact On India

by Megha sharma

The term ‘globalisation’ means integration of economies and societies through cross country flow of information, ideas, technologies, goods, services, capital, finance and the people. The essence of globalisation in a broad sense is connectivity in all aspects of human life. Although economic forces are an integral part of globalisation, it would be wrong to suggest that they alone produced it. It has been driven forward above all by the development of information and communication technologies that have intensified the scope and speed of interaction between the people all over the world.

The British colonial rule had destroyed the self-sufficient agrarian economy. The then Prime Minister of India Jawaharlal Nehru preferred mixed economy for planned economic development of the country. As a result of this, public sectors were set up along with a number of private enterprises, but like the socialistic model of economy, the mixed economy of India has not produced profitable results. A number of public sectors became sick and the growth rates of production began to fall. While the poverty of the people continued to grow at an alarming rate, there was an acute balance of payment crisis and due to low domestic savings, there was no adequate capital for investment. 

impact of globalization

TYPES OF GLOBALIZATION

  • Economic globalization: is the development of trade systems within transnational actors such as corporations or NGOs;
  • Financial globalization: can be linked with the rise of a global financial system with international financial exchanges and monetary exchanges. Stock markets, for instance, are a great example of the financially connected global world since when one stock market has a decline, it affects other markets negatively as well as the economy as a whole.
  • Cultural globalization: refers to the interpenetration of cultures which, as a consequence, means nations adopt principles, beliefs, and costumes of other nations, losing their unique culture to a unique, globalized supra-culture;
  • Political globalization: the development and growing influence of international organizations such as the UN or WHO means governmental action takes place at an international level. There are other bodies operating a global level such as NGOs like Doctors without borders or oxfam.
  • Social Globalization: People move all the time too, mixing and integrating different societies;
  • Technological globalization: the phenomenon by which millions of people are interconnected thanks to the power of the digital world via platforms such as Facebook, Instagram, Skype or Youtube.
  • Geographic globalization: is the new organization and hierarchy of different regions of the world that is constantly changing. Moreover, with transportation and flying made so easy and affordable, apart from a few countries with demanding visas, it is possible to travel the world without barely any restrictions;
  • Ecological globalization: accounts for the idea of considering planet Earth as a single global entity – a common good all societies should protect since the weather affects everyone and we are all protected by the same atmosphere. To this regard, it is often said that the poorest countries that have been polluting the least will suffer the most from climate change.
Types of Globalization.

Globalisation has undermined the traditional role of women in homemaking, farming, handicrafts, handlooms etc., and resulted in a relatively better environment for women. Today, women are working in all spheres of Indian economy and are enjoying the fruits of “empowerment process” brought in by globalisation. At the same time, their security has become a major issue in this changing scenario and they are bearing the double burden of family as well as that of the job because the role of men in India have not changed much. People today, especially the young, developed an identity that gives them a sense of belonging to a worldwide culture, which includes an awareness of events, practices, styles and information that are a part of the global culture. There is the development of a bicultural identity or a hybrid identity, which means that part of one’s identity is rooted in the local culture while another part stems from an awareness of one’s relation to the global world.

We cannot say that the impact of globalisation has been totally positive or negative. It has been both. However, it becomes a point of concern when, an overwhelming impact of globalisation can be observed on the Indian culture. Every educated Indian seems to believe that nothing Indian is to be approved unless recognised and recommended by an appropriate authority in the West. This should be checked in order to preserve the rich cultural diversity of India and to ensure the fulfillment of the principle of self-sufficiency.

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By Megha Sharma

Posted in Internship