Very Short Question and Answers - Impact of Globalisation in India

Globalisation is the process of increased interconnectedness and integration of countries, especially in terms of trade, investment, and exchange of technology and ideas.

Hyundai and Amazon are two multinational companies that have invested in India.

Globalisation has increased job opportunities by attracting MNCs that set up factories, offices, and plants, such as the growth of IT and BPO sectors providing millions of jobs.

Indian producers can now sell goods and services internationally, increasing their market size and profits. For example, Indian software companies export services globally.

Globalisation introduced mobile phones and 4G internet in India through companies like Samsung and Apple.

Foreign automobile brands like Suzuki and Honda set up manufacturing plants in India, leading to more jobs and technology transfer.

The telecommunication sector has been revolutionised by foreign investments, improving mobile phone penetration and services.

Small producers in sectors like handicrafts and textiles face stiff competition and losses due to mass-produced goods from large companies.

Traditional industries like handlooms and handicrafts have declined because they cannot compete with cheaper, mass-produced alternatives.

The Banarasi saree industry has suffered due to competition from factory-made textiles.

FDI is when a company or individual from one country makes an investment in assets or ownership in a business located in another country.

They struggle because of competition from large retail chains and online companies introduced by globalisation.

The Indian IT sector benefited by exporting software and IT services to global markets, leading to massive growth and employment.

Some companies pay low wages or force long hours to reduce costs, such as poor working conditions in garment factories.

Basmati rice is widely exported to international markets due to globalisation.

Global competition from multinational dairy firms has made it challenging for local cooperatives like Amul.

MNCs set up offices, factories, and plants in India, bringing investment, technology, and employment.

Consumers have access to a wider variety of quality goods and services, such as smartphones and diverse food products.

Tirupur is well-known for jobs created in the export-oriented garment industry.

Globalisation may lead to job insecurity, low wages, and pressure to work overtime, especially in export-oriented sectors.