What is globalisation and what are its effects on the Indian economy?

Answer

Largely positive. Globalization has brought many jobs and large sums of investment to India. India's economy has been growing at exceptional rates for the past several years and many new opportunities have opened up for India. Yet, India does remain quite poor. It's GDP per capita is less than $2,000, a fraction of the GDP per capita found in some Latin American and Eastern European nations. Most of those who profit from globalization in India are the upper classes, with many in the lower classes being displaced and suffering from miserable labor conditions. Nonetheless, globalization has created a large economic boom for India with largely positive effects

Globalisation

Globalisation is the trend in large businesses to consider themselves world businesses not US or English or German businesses. So if something can be done in India or Malaysia or wherever cheaper than in Wisconsin or Slough or Dusseldorf then off to India or Malaysia or wherever it goes. Similarly raw materials or components will be bought from wherever in the world they are cheapest. Such a worldwide network of interests also allows large companies to do a great deal of money shuffling to avoid taxes.

First answer by Luxus. Last edit by Plucas. Contributor trust: 375 [recommend contributor]. Question popularity: 42 [recommend question]