Globalisation refers to the interdependence of world economies and populations brought about by trade in goods and services, technology, and the flow of investment, people, and information. It includes the creation of networks and pursuits transgressing social, economical, and geographical barriers. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around the globe.
India is one of the countries which experienced significant success after the initiation and implementation of globalisation. The growth of foreign investment in corporate, retail, and the scientific sector increased enormously. It tremendously impacted the social, monetary, cultural, and political aspects of the country. In recent years, globalisation has increased due to improvements in transportation and information technology, and improved global synergies have led to the growth of trade and culture globally.
The Indian economy has witnessed drastic growth since it integrated into a global economy in 1991. It had a tremendous impact on the economic condition. Although India has had immense economic growth, not all sectors of the country have benefited. Globalisation did not have a positive impact on agriculture. Agriculture now contributes only about 20% to the GDP. International norms imposed by WTO and multilateral companies have directed funds of the agriculture sector to private-sector enterprises. Agriculture has received reduced government support, affecting farmers because production costs are very high, while commodity costs are low. Greater integration of global commodities markets leads to a constant fluctuation in prices, which has increased the vulnerability of Indian farmers, who are also increasingly dependent on seeds sold by the MNCs.
Globalisation has led to an increase in the consumer products market. They have a a variety choices in selecting goods. People in cities working in high paying jobs have a greater income to spend on lifestyle goods. There has been an increase in the demand for products like meat, egg, pulses, organic food as a result. It has also led to protein inflation. Protein food inflation contributes a large part to the food inflation in India. It is evident from rising prices of pulses and animal proteins in the form of eggs, milk and meat. With an improvement in the standard of living and rising income level, the food habits of people change. People tend toward taking more protein intensive foods. This shift in dietary pattern, along with the rising population results in an overwhelming demand for protein-rich food, which the supply side could not meet. Thus resulting in a demand-supply mismatch thereby, causing inflation.
Outsourcing is one of the principal results of globalisation. In outsourcing, a company recruits regular service from outside sources, often from other nations. As a kind of economic venture, outsourcing has increased, in recent times, because of the increase in quick methods of communication, especially the growth of information technology (IT). Voice-based business processes, accountancy, record keeping, music recording, banking services, book transcription, film editing, clinical advice, or teachers are outsourced from advanced countries to India.
Another sector the government has neglected is public health. India has one of the lowest ratios of public to private health expenditure. The rate of epidemics among the poor has increased, leading to outbreaks of contagious diseases becoming common.
Globalisation has provided a relatively better environment for women. Technology has made education in India accessible for more people, especially women, decreasing the gender gap stratified by gender roles. Women now have access to more jobs and are more involved in avenues generally reserved for men. It has increased the number of women in competitive professions, empowering them.
The increasing migration coupled with financial independence has led to the breaking of joint families into nuclear ones. The western influence of individualism has led to an aspirational generation of youth. Concepts of national identity, family, job and tradition are changing rapidly and significantly. The rise of nuclear families has reduced the social security that the joint family provided, leading to greater economic, health and emotional vulnerability of old age individuals.
The current generation, especially, the young have 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. People have developed a bicultural identity or perhaps a hybrid identity, which means that part of their identity is rooted in the local culture and another part that stems from an awareness of one’s relation to the global world. The development of these global identities is no longer just a part of immigrants and ethnic minorities. Media plays a significant role in developing a global identity. Yet, along with this new global identity, people also retain and develop their local identity for daily interactions with their family, friends and community.
We cannot say that the impact of globalisation has been totallly positive or totally negative. It has been both. However, it becomes a point of concern when an overwhelming impact of globalization can be observed in Indian culture.