2. CONTENTS :-
1)MEANING & EXAMPLES
2)CRITERIA FOR MEASURING
GLOBALIZATION
3)GLOBALIZATION IN INDIA
4)MAJOR CRISES AND ECONOMIC
REFORMS.
5)POSITIVE IMPACTS OF
GLOBALIZATION ON INDIAN
ECONOMY.
6)TWO FACES OF GLOBALIZATION
IN INDIA.
7)THREATS OF GLOBALIZATION
FOR INDIAN ECONOMY.
8)CONCLUSION
5. Globalization refers to the
process of
integration of various world
economies
into one huge market
through trade, foreign
direct investment,
capital flows, migration and
the spread of technology.
11. That Major crisis was:-
The Indian economy was in
major crisis in 1991 when
foreign currency reserves went
down to $1 billion.
Capital was flying out of the
country and we were close
to defaulting on loans.
Fiscal deficit was very high and
foreign investors and NRIs had
lost confidence in Indian
economy.
Inflation had increased to an
annual rate of 17 % .
12. The following measures
were taken to liberalize
and globalize the
economy:
Liberalization, Privatization and
Globalization Policy (LPG Policy) as
New Economic Policy,1991
14. Globalization has many positive and innovative aspects,
all related to the increased access to market, capital,
technology and information which have led to greater
income and employment opportunities.
15. It is the growth of Gross Domestic Product that determines
the performance of Indian economy.
The rate of growth of the Gross Domestic Product of India
has been on the increase from 5.6 % during 1980-92 to
7% in the 1993-2001 period.
16. HOWEVER, it has achieved faster growth from the 1980s.
But, this was not only growth higher as compared to its
own past, it was also much faster than that achieved by a
large number of countries Between 1980 and 2010.
India achieved a growth of 6.2 %,while the world
as a whole registered a growth rate of 3.3%.
19. India’s foreign
exchange reserve have
grown significantly
since 1991.
The reserve, which
stood at $5.8 bn
in1991,increased
gradually to $294 bn in
2011-12.
20. The average duty on all products reduced from
70% in 1991 to 12% in 2008-09 and
quantitative restrictions on imports have been
eliminated, and foreign investments norms
have been relaxed for a number of sectors.
Foreign investment
was introduced in 1991 under
Foreign Exchange Management Act
(FEMA)
by finance minister Manmohan Singh.
21.
22. The world’s largest retailer Walmart
is waiting for the government’s
DECICION on allowing FDI in retail.
23. India has technical expertise and skilled managers and a growing
middle class market of more than 300 million and this represents an
attractive market.
24.
25. The 'Indian' brand is getting more recognition, as India emerges as a
global economic powerhouse in terms of acquisition of global assets.
In 2008, Tata Motors acquired the British car maker Jaguar Land Rover
luxury car brand from Ford Motor Company.
26. There has been a sharp acceleration in the growth of per
capita income almost doubling to an average of 7.2% p.a
(2003-2010) as compare to 1992-03,when rate of
growth was 3.7%.
27.
28. In the recent years, a number of
international industries such as
information technology, agro
products, personal and beauty care,
health care and other sectors have
come into the INDIAN market.
With more and more industry
segments coming up, there has been
a high demand for quality workforce.
As a result, lots of young people are
taking jobs in all these segments in
order to start a good career
29. In Open Technologies, has
entered into a partnership
with Japan-based Benes
Holdings to deliver Game-
based computer science
lessons to students in Silicon
Valley schools, Bangalore.
As many as 30 colleges
across Kerala have
signed up for a live,
digital distance learning
platform.
30. In 1991, only 10% of the
Indian urban population
had access to a
television. In2009, that
has increased to 85%
Extension of internet
facilities even to rural
areas
As a result, the new generation of
Indians is more knowledgeable, more
aware and more interested in the
world around them.
31.
32. Old restaurants are now replaced by multinational
fast food MNC Like McDonald's, KFCs etc.
33. Chanda Kochhar is
the managing director
(MD) of ICICI Bank and
its chief executive officer
(CEO).
35. Indian Grand Prix(2011)
The number of world wide events are being
organized all through the year.
Commonwealth games
(2010) Cricket World Cup(2010) Farmula-1 Racing events
36. We have the best of times; we have the worst of times. There is
sparkling prosperity, there is stinking poverty. We have dazzling
five star hotels side by side with darkened ill-starred hovels.
37. In 1951, agriculture provided employment to 72 % of the
population and contributed 59% of the GDP.
But,by 2001 the population depending upon agriculture
came to 58% whereas the share of agriculture in the GDP
went down drastically to 17% between 2005-11.
This has resulted in a lowering the per capita income of the farmers
and increasing the rural indebtedness. The number of landless
families has increased from 35 % in 1987 to 55% in 2005. and farmers
are still committing suicide.
38.
39. Earlier people had stable, permanent jobs. Now people
live in constant dread of losing their jobs due to
competition.
Increased job competition has led to reduction in wages
and consequently lower standards of living.
Global recession impact on Indian economy resulted in
loss of jobs in IT Sector.
40.
41. Some section of people in India, basically poor
and very poor, they did not feel the heat of
globalization at all. They remain poor & poorest
as they were.
42. If the Indian companies spend a large proportion of their
capital abroad, it will restrict the domestic investment.
Our exports will suffer – local producers will suffer, this
will adversely affect our balance of payment position.
43. 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.
44. Globally integrated markets have financial
volatility as a permanent feature, the frequency
of financial crises increasing with the growth in
international capital flows.
45. Flowing with globalization ,India is shining in nearly every perspects
like increase in overall growth rate of the economy and became a 3rd
largest economy in the world. So,India is getting a global recognition
and slowly moving towards to become a major economic and
political strength.
On the other hand, India is facing some shocks from global economic
crisis but globalization should not only be accused for, It may suffer
from internal problems also like rapid rise in population, rural poverty,
infrastructure bottle necks, weak financial markets and so on.
Globalization should not be thought of as a solution to
everything. It merely provides opportunities. Those who take
advantage, they flourish and those who do not they sink.
46. As Gandhiji said:-
The western world has progressed a lot and this made us look up to
them as ideals. It should not be viewed an alternative to our own
culture but only as a supplement.
“I do not want my house to be
closed by walls on all sides and
windows to be stuffed. Rather, I
want all the culture to blow freely
through my house. But I do not
want to be swept off my feet by
any of them”
