The document discusses globalization and its impact in India. It defines globalization as the integration of markets and increased interconnectedness of national economies. Corporations benefit from globalization through reduced costs, access to new markets and materials. Socially, globalization leads to greater cultural exchange, while politically it shifts attention to international organizations. India has benefited through outsourcing and increased employment and standards of living, though cultural changes have been significant as well. Overall, the document provides an overview of the meaning, advantages, impacts and effects of globalization in India.

1. By- Jyoti Rastogi
Meaning
Advantage & Disadvantage
Impact of Globalisation
Globalisation in India

2.  Globalization is the spread of products, technology,
information, and jobs across national borders and cultures.
 Globalisation refers to the integration of markets in the global
economy, leading to the increased interconnectedness of
national economies. Markets where globalisation is
particularly significant include financial markets, such as
capital markets, money and credit markets, and insurance
markets, commodity markets, including markets for oil, coffee,
tin, and gold, and product markets, such as markets for motor
vehicles and consumer electronics. The globalisation
of sport and entertainment is also a feature of the late 20th
and early 21st centuries.
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3.  Corporations gain a competitive advantage on multiple fronts
through globalization.
 They can reduce operating costs by manufacturing abroad. They
can buy raw materials more cheaply because of the reduction or
removal of tariffs.
 Most of all, they gain access to millions of new consumers.
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4. Globalization is a social, cultural, political, and legal phenomenon.
 Socially, it leads to greater interaction among various populations.
 Culturally, globalization represents the exchange of ideas, values,
and artistic expression among cultures.
 Globalization also represents a trend toward the development of
single world culture.
 Politically, globalization has shifted attention to intergovernmental
organizations like the United Nations (UN) and the World Trade
Organization (WTO).
 Legally, globalization has altered how international law is created
and enforced.
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5. Developments in IT, transport and communications
The rise of social media
The rise of new electronic payments systems
Increasing EM capital mobility
The development of complex financial products, such
as derivatives
Rise in the significance of global brands such as Microsoft,
Apple, Google, Sony, and McDonalds
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6.  Providing an incentive for countries to specialise and benefit from the
application of the principle of comparative advantage.
 Access to larger markets means that firms may experience higher
demand for their products, as well as benefit from economies of
scale.
 Globalisation enables worldwide access to sources of cheap raw
materials, and this enables firms to be cost competitive
 Avoidance of regulation by locating production in countries with less
strict regulatory regimes (Less Developed Countries (LCDs).
 Increased flows of inward investment between countries, which has
created benefits for recipient countries
 lead to the creation of more employment in all countries that are
involved.
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7.  The over-standardisation of products through global branding is a common
criticism of globalisation.
 Large multinational companies can also suffer from diseconomies of scale.
 Large multinational companies can switch their investments between
territories in search of the most favourable regulatory regimes.
 Potential loss of jobs in domestic markets caused by increased, and in some
cases, unfair, free trade.
 The increased risk associated with the interdependence of economies. As
countries are increasingly dependent on each other, a negative
economic shock in one country can quickly spread to other countries.
 Globalisation generates winners and losers, and for this reason it is likely to
increase inequality.
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8. Jyoti Rastogi (Assistant Professor)
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9.  Outsourcing: This is one of the principal results of the Globalisation
method. In outsourcing, a company recruits regular service from outside
sources, often from other nations, which was earlier implemented internally
or from within the nation (like computer service, legal advice, security – each
presented by individual departments of the corporation, advertisement).
 As a kind of economic venture, outsourcing has increased, in recent times,
because of the increase of quick methods of communication, especially the
growth of Information Technology (IT).
 Many of the services such as voice-based business processes (commonly
known as BPS, BPO or call centres), accountancy, record keeping, music
recording, banking services, book transcription, film editing, clinical advice or
teachers are being outsourced by companies in advanced countries to India.
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10.  A car manufacturer based in Japan can manufacture auto
parts in several developing countries, ship the parts to another
country for assembly, then sell the finished cars to any nation.
 China and India are among the foremost examples of nations
that have benefited from globalization, but there are many
smaller players and newer entrants. Indonesia, Cambodia,
and Vietnam are among fast-growing global players in Asia.
 Ghana and Ethiopia had the fastest-growing African
economies in the world in 2018, according to a World
Bank report.
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11.  Indian society is changing drastically after urbanisation and
Globalisation. Economic policies have had a direct influence in
forming the basic framework of the economy. Economic policies
established and administered by the government also performed an
essential role in planning levels of savings, employment, income,
and investments in society.
 Cross country culture is one of the important impact of Globalisation
in Indian society and has significantly changed several aspects of
the country including cultural, social, political, and
economic. However, economic unification is the main factor that
contributes maximum to a country’s economy into an international
economy.
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12.  Increase in Employment: With the opportunity of Special Economic Zones
(SEZ), there is an increase in the number of new jobs availability. Including
Export Processing Zones (EPZ) Centre in India is very useful in employing
thousands of people. Another additional factor in India is cheap labour. This
feature motivates big companies in the west to outsource employees from other
region and cause more employment.
 Increase in Compensation: After Globalisation, the level of compensation has
increased as compared to domestic companies due to the skill and knowledge
a foreign company offers. This opportunity also emerged as an alteration of the
management structure.
 High Standard of Living: With the outbreak of Globalisation, Indian economy
and the standard of living of an individual has increased. This change is notified
with the purchasing behaviour of a person, especially with those who are
associated with foreign companies. Hence, many cities are undergoing a better
standard of living along with business development.
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