Essay on Globalization Complete Essay for Class 10, Class 12 and Graduation and other classes.
The integration of the world’s economies brought about by the rapid improvements in communication and transportation. Globalization involves the spread of economic, social and cultural ideas across the world, and growing uniformity between different places that result from this spread. It has come about as a result of increased integration of national economies through growth of international trade, investment and capital flows, made pokily by rapid improvements in technology.
The above is a fairly standard definition about what Globalization is. But the real question is “does Globalization work?”
Yes! It really works and has worked. The only way for countries to continue to increase living standards is through economic growth. The best way to achieve economic growth is free trade. Free trade allows a country to enjoy the benefits brought about by absolute and comparative advantage. The same has happened in the case of china and India.
Globalization has played a major role in export led growth, leading to the enlargement of the job market in India. Globalization in India has allowed companies to increase their base of operations, expand their workforce with minimal investments, and provide new services to a broad range of consumers. The process of globalization has been an integral part of the recent economic progress made by India.
Once of the major forces of globalization in India has been in the growth of outsourced IT and business process outsourcing (BPO) services. The last few years have seen an increase in the number of skilled professionals in India employed by both local and foreign companies to service customers in the US and Europe in particular. Indian companies are rapidly gaining confidence and are themselves now major players in globalization through international expansion. From steel to bollywood, from cars to IT, Indian companies are setting themselves up as powerhouses of tomorrow’s global economy.
There will be new prospects in rural India. The growth of Indian economy very much depends upon rural participation in the global race. After implementing the new economic policy the role of villages got its own significance because of its unique outlook and branding methods.
Understanding the current status of Globalization is necessary for setting course for future. For all national to reap the full benefits of globalization it is essential to create a level playing field.
