Introduction to Globalization

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Added on 2020-02-05

Introduction to Globalization

Added on 2020-02-05

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Globalisation

INTRODUCTION(FOR THE ENTIRE DIARY)Globalization is defined as a process of international integration which usually arise fromthe exchange of the world views, ideas as-well-as mutual sharing along with carrying thedifferent aspects of the culture. It also includes advancement in the transportation system,development of telecommunication system, etc which eventually leads to the interdependence ofthe various economic and cultural activities. Further, this concept of economy is quite recent andwas formulated in the late 19th and 20th century as the economies and culture of the world weregrowing in rapid manner. Moreover, the International Monetary Fund (IMF) visualized the fourkey aspects of the globalization. These were trade and transactions, capital and investment,migration and movement and spreading knowledge among all the citizens around the globe.Apart from it, some of the environmental obstacles like global warming and water & airpollution are also linked with the same topic. Moreover, if we consider the globalization from the view point of India, then country hadthe distinction of being the world's largest economy. Further, India was accounted for almost32.9% share of world in the Gross Domestic Product (GDP) and approximately 17% of the totalglobal population. The goods which are produced in India are being exported from differentcountries around the globe. However, it can be said that the concept of globalization is quite newfor India.The term globalization means integrating economy of particular nation with the economyof the world. However, the change in the financial system had a drastic effect on the growth anddevelopment of Indian economy. From a report, it was revealed that the economy of India was inmajor crises in the year 1991. It was evaluated that the foreign currency reserves went down toalmost 1 billion dollar. Further, the impact of globalization can be seen into various sectors likeagriculture, industries, financial, health and various others. By considering the nationdegradation, Finance minister of that time had introduced the concept of liberalization,privatization and globalization.Moreover, the current wave of the globalization has been impelled out by differentpolicies which have economies nationally as well as internationally. Moreover, after the SecondWorld War and especially within these past two decades, many local body of different countrieshave opted free market economic policies. This helps business organization established withinthe nation can increase the sale of their products and also develop a good amount of revenue.

Moreover, these business organizations are also focusing on developing new opportunities forinternational trade and investment. In order to promote business ventures at global level, thegovernment also support them and imply established international agreements for promotingtheir goods and services. However, some sort of restrictions does exist but it is only for theproper functioning of the business venture. Moreover, it can be evaluated that globalization playsa crucial role in the development of country.GLOBALAISAITION ON INDIAN TRADEDate of Input05/03/2016Reference of thesource(Harvard style)Dutta, B., 2016. Globalization may not be the problem affecting poorcountries but neither is it the solution.[Online]. Available through:<http://www.telegraphindia.com/1160219/jsp/opinion/story_70046.jsp#.Vt0bLaW1Gko>. [Accessed on 5th March 2016].IMPACT OF GLOBALIZATION ON INDIAN MARKET. 2016. [Online].Availablethrough:<http://www.abhinavjournal.com/images/Commerce_&_Management/Sep13/11.pdf>. [Accessed on 5th March, 2016].Malik, T., 2016. Impact of globalization on Indian economy- Anoverview.[Online]. Available through:<http://www.fibre2fashion.com/industry-article/2993/impact-of-globalization?page=1>. [Accessed on 5th March, 2016].Discussion of the content of the articles (in your own words) According to the article of Dutta (2016), globalization is not affecting the growth of poorcountries but it also not leading to any sort of development for the same. Moreover, heemphasized on the development and growth of potentially capable countries and developingrelation with the same rather than focus on making contact with low GDP countries. Further, hefocused on stating that country that has good infrastructure along with skilled labour who focuseson moving from country to country for their development and countries that do not possess thesame are less globalized. Article Impact of globalization on Indian market (2016) argues that technologicalinnovation, political dimensions, environment, marketing growth, Foreign Direct Investment(FDI), etc. are the major factors which have major impact on the globalization. Author of this

article observed that the business enterprise in the country who like to expand their emperor haveto consider these major elements unless it acts as a drawback for the organization . From the view point of Malik (2016), Indian economy has gone through many downturnsand also has experienced some of the crucial policies in the year 1991. This article of Malikemphasized on the LPG model which constitutes liberalization, privatization and globalization.As per his view point, organization considering the reforms and policies will lead intodevelopment of industrial and financial sector which will help in making economy much moresuitable and perfect.Critical review of the content of the articles using academic sources (Peer-reviewedjournal articles and books) When discussing the impact of globalization on Indian trade, several methods, policiesand procedures have to be taken into consideration. From the view point of Dutta (2016), hespecifies that the current global environment is dark and helpless. Therefore, businessorganizations have to put each and every step in proper and desired manner. Further, he alsostated that the economic globalization is significantly increasing the foreign trade and investmentwhich is one of the positive signs in developing strong link between two countries.According to the article ‘Impact of globalization on Indian market’ (2016), globalizationconcept was started in early 17th century, as development of steamboats and locomotives enginesreduced the time which took in transportation and lead into increase in the transit volume.Further, author has also focused on the environmental factors and stated that this is the crucialfactor and all those organizations who want to explore their market size, should not avoid thisfactor. Further, the writer discussed some of the factors has enabled the globalization in Indiaand these are technology, foreign trade and investment policy, WTO, infrastructure developmentand financial sector reforms.On the contrary side Malik (2016) argued that the concept of globalization for India hasbeen changed after their independence in the year 1947. Many business organization establishestheir foot into the global market and start exporting their products so that they can improve theirbrand image and can increase more of the revenue and productivity. Moreover, he also isolatedthat now India is planning to modify their economic policy in order to become more imperativeand show their potential that they have large potential to work on prosperity. Malik (2016) also

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Introduction to Globalization