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    Globalization in India: Effects and Consequences: Subhankar Chatterjee

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    Globalization has had significant economic, social, and cultural impacts on India over the past few decades. Economically, India has seen strong GDP growth, increasing exports and FDI inflows, and a growing services sector. However, globalization has also widened inequality and unemployment remains problematic. Culturally, Western influences like television, internet, and fast food have spread, but Bollywood and Indian culture have also gained global popularity. While many have benefited, many rural poor remain untouched by India's economic gains from globalization. Overall, India has made major strides but still faces challenges in ensuring the benefits of globalization reach all segments of society.

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    Globalization in India: Effects and Consequences: Subhankar Chatterjee

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    Milan Modi
    72 views24 pages
    Globalization has had significant economic, social, and cultural impacts on India over the past few decades. Economically, India has seen strong GDP growth, increasing exports and FDI inflows, and a growing services sector. However, globalization has also widened inequality and unemployment remains problematic. Culturally, Western influences like television, internet, and fast food have spread, but Bollywood and Indian culture have also gained global popularity. While many have benefited, many rural poor remain untouched by India's economic gains from globalization. Overall, India has made major strides but still faces challenges in ensuring the benefits of globalization reach all segments of society.

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    Globalization has had significant economic, social, and cultural impacts on India over the past few decades. Economically, India has seen strong GDP growth, increasing exports and FDI inflows, and a growing services sector. However, globalization has also widened inequality and unemployment remains problematic. Culturally, Western influences like television, internet, and fast food have spread, but Bollywood and Indian culture have also gained global popularity. While many have benefited, many rural poor remain untouched by India's economic gains from globalization. Overall, India has made major strides but still faces challenges in ensuring the benefits of globalization reach all segments of society.

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    72 views24 pages

    Globalization in India: Effects and Consequences: Subhankar Chatterjee

    Uploaded by

    Milan Modi
    Globalization has had significant economic, social, and cultural impacts on India over the past few decades. Economically, India has seen strong GDP growth, increasing exports and FDI inflows, and a growing services sector. However, globalization has also widened inequality and unemployment remains problematic. Culturally, Western influences like television, internet, and fast food have spread, but Bollywood and Indian culture have also gained global popularity. While many have benefited, many rural poor remain untouched by India's economic gains from globalization. Overall, India has made major strides but still faces challenges in ensuring the benefits of globalization reach all segments of society.

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    Globalization in India: Effects

    and Consequences

    Subhankar Chatterjee

    What is Globalization?
    The term globalization means International Integration.

    Opening up of world trade, development of advanced


    means of communication, internationalisation of financial
    markets, growing importance of MNC's, population
    migrations and more generally increased mobility of
    persons, goods, capital, data and ideas.

    It is a process through which the diverse world is unified into a


    single society.

    Wave of Globalization
    The wave of globalization hitted India at the end of the last century
    and still the country is flowing with the current of global changes.

    Economic Impact of globalization in India


    Multilateral agreements in trade, taking on such new agendas as
    environmental and social conditions.
    New multilateral agreements for services ,Intellectual properties,
    communications, and more binding on national governments than any
    previous agreements.
    Market economic policies spreading around the world, with greater
    privatization and liberalization than in earlier decades.
    Growing global markets in services. People can now execute
    trade services globally -- from medical advice to software writing to
    data processing , that could never really be traded before.

    Open Market policy -advantages

    Growing Indian Economy

    2010
    GDP USD 1.36 trillion
    GDP growth rate 9%
    Services contribution
    60-65%
    Balance of Trade Negative
    balance should increase with
    surging imports versus exports
    Investment goal
    USD 370 billion

    2008
    GDP USD 1.16 trillion
    GDP growth rate 9.5%
    Services contribution 60%
    Balance of Trade Negative
    balance should increase with
    surging imports versus exports
    Investment goal
    USD 305 billion

    2006
    GDP USD 590 billion
    GDP growth rate 9%
    Services contribution 54%

    Balance of Trade
    USD (-)46.2 billion
    Investment goal
    USD 250 billion

    Growing GDP
    1.200

    USD Billion

    1.000
    800

    682

    600

    398

    400
    191
    200
    0

    103
    105

    453

    237
    125
    105

    1999-00
    2002-03
    Agriculture

    204

    231

    135

    145

    2005-06
    Industry

    2006-07
    Services

    287
    167
    2010*

    Source: India Brand Equity Foundation (IBEF)

    Growing Exports

    200

    210
    155

    USD Billion

    170
    126.3

    130

    103.1
    83.5

    90
    50
    2004-05

    2005-06

    2006-07

    2007-08*

    2008-09*

    Source: Ministry of Commerce & IBEF

    Growing FDI Inflows


    35

    30

    30
    USD Billion

    25

    22

    20
    15
    10
    5

    8.9
    4.3

    0
    2003-04

    2004-05

    2005-06

    2006-07*

    2007-08*

    India is ranked second in AT


    Kearneys FDI confidence index
    (2007)
    Source: Ministry of Commerce & IBEF

    Indias economic position


    among BRIC countries

    Impact of globalization on business in India


    India has a consumer base of 1.14 billion people.
    India is the 3rd largest global telecom market. The mobile subscriber
    base has grown from 0.3 Million in 1996 to over 250 million currently.
    India is likely to add over 200 shopping malls by 2010 and 715
    malls by 2015.

    India is the worlds:


    2nd largest two-wheeler market,
    4th largest commercial vehicle market

    11th largest passenger car market.


    Expected to be the 7th largest automobile market by 2016.

    Indian companies going Global


    Buyer

    Acquisition

    Price

    Mittal Steel

    Arcelor,Luxembourg

    US$ 26.5 bi

    Reliance Industries

    Flag Telecom, Bermuda

    US$ 212mi

    Tata Motors

    Daewoo, Korea

    US$ 118mi

    Infosys Technologies

    Expert Information Services, Australia

    US$ 3.1mi

    Bharat Forge

    Carl Dan Peddinghaus, Germany

    N/A

    Ranbaxy

    RPG (Aventis) Laboratories, France

    N/A

    Wockhardt

    CP Pharmaceuticals, UK

    US$ 18mi

    Cadila Health

    Alpharma SAS, France

    US$ 5.7mi

    Hindalco

    Straits Ply, Australia

    US$ 56.4mi

    Wipro

    NerveWire Inc, USA

    US$ 18.5mi

    Aditya Birla

    Dashiqiao Chem, China

    US$ 8.5mi

    United Phosphorus

    Oryzalin Herbicide, USA

    US$ 21.3mi

    Technological & Cultural impact of


    globalization in India.
    Access to television grew from 20% of the urban population (1991) to
    90% of the urban population (2009). Even in the rural areas satellite
    television has a grown up market.
    In the cities Internet facility is everywhere .Extension of internet
    facilities even to rural areas.

    Global food chain /restaurants has already found a huge market in


    the urban areas of India.
    Lavish Multiplex movie halls, big shopping malls and high rise
    residentials are seen in every cities.

    Technological & cultural impact of


    globalization in India
    Telecommunication and Software Industries are booming in India.
    Entertainment sector in India has a worldwide market.
    Bollywood movies are distributed and accepted worldwide.Big
    international companies(Walt Disney,20th Century Fox,Columbia
    Pictures) are investing on this sector.

    Famous International brands(Armani,Gucci,Nike,Omega etc.)


    are investing in the Indian market with the changing of fashion
    statement of Indians.

    Impact of globalization on agriculture in India


    Agriculture acquired 17% of Indias GDP in 2008.
    60% of population still depends on agriculture for their livelihood.
    Occupied 43% of Indias geographical areas.
    Agriculture Scientists are applying new technologies and instruments
    in growing crops.
    Different state governments of India are taking initiative to literate the
    farmers.

    Impact of globalization on education in India


    Literacy rate in India at present is 74.04%
    Foreign Universities are collaborating with different Indian
    Universities.
    Year

    Literacy Rate

    Male Female

    Person

    Male

    Female

    Gap

    1981

    43.6

    56.4

    29.8

    26.6

    1991

    52.2

    64.1

    39.3

    24.8

    2001

    65.4

    75.8

    54.2

    21.6

    2010

    74.04

    82.4

    65.46

    16.94

    Two different face of globalization in India.

    Indias problem with Globalization


    Some section of people in India,basically poor and very poor,tribal
    groups,they did not feel the heat of globalization at all.They remain poor &
    poorest as they were.
    Increased gap between rich and poor fuels potential terrorist reaction.
    Ethical responsibility of business has been diminished.
    Youth group of India leaving their studies very early and joining Call
    centres to earn easy money thereby losing their social life after getting
    habituated with monotonous work.
    High growth but problem of unemployment.
    Multi party rule, hence political ideology intervenes globalization
    (reservation, labor law reforms).

    Price hike of every daily usable commodities.

    What are people talking about India?


    India has a fantastic pool of
    software professionals. The
    world needs to benefit from this.
    Bill Gates, Microsoft
    Chairman

    India on its way to becoming


    IT, manufacturing kingdom of
    the world
    Mr Yasukuni Enoki,
    Japanese Ambassador to
    India

    The dynamism shown by India


    in the last 15 years is
    phenomenal
    Paul Wolfowitz, ExPresident, World Bank

    This market (India) is critical


    to our plans for building a
    Ford Motor Co. for the 21st
    century
    Bill Ford,
    Chairman and
    CEO

    Conclusion
    Flowing with globalization ,India is shining in nearly every
    perspects.
    India is getting a global recognition and slowly moving towards to
    become a major economic and political strength.

    Though the developement is progressing rapidly,still many basic


    problems like rural poverty,corruption and political instability
    remained unsolved.

    Thank You

    Acknowledgement
    Websites:
    Reserve Bank of India,
    Ministry of Finance & Commerce,India
    Indian chamber of Commerce
    IBFF
    IFFCO
    IBN
    Google Images.

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