Globalization

1. Meaning of Globalization – Integration of economies through trade and investment. It increases global interdependence.
2. Trade Liberalization – Reduction of tariffs and barriers. It boosts international trade.
3. Foreign Direct Investment (FDI) – Encourages foreign companies to invest. It improves technology and employment.
4. Global Supply Chains – Countries specialize in different production stages. It increases efficiency but also risks.
5. WTO Role – Promotes fair global trade. India participates actively.
6. Impact on Indian Economy – Increased exports and imports since 1991 reforms. Industry productivity improved.
7. Global Competition – Indian firms face international rivals. It forces innovation and efficiency.
8. Technology Transfer – MNCs bring modern technology. It benefits local industries.
9. Outsourcing from India – India is a hub for IT and BPO services. It generates foreign exchange.
10. Cultural Globalization – Exchange of cultural ideas worldwide. Leads to hybrid lifestyles.
11. Global Financial Markets – Capital flows freely across countries. It creates opportunities and risks.
12. Impact on Agriculture – Farmers face global price fluctuations. Export opportunities also increase.
13. Impact on Small Industries – Small firms face competition from imports. Government support is needed.
14. Employment Effects – High-skill jobs increase, low-skill jobs face competition. Skill development is essential.
15. Environmental Impact – Global industrial growth increases pollution. Climate policies are essential.
16. Global Crises Impact – Recession or pandemics spread quickly across economies. India must build resilience.
17. FDI in Retail – Allows global retail chains to operate. Benefits consumers with variety and pricing.
18. Make in India – Encourages domestic production. Aims to integrate India into global manufacturing chains.
19. Trade Agreements – Enable easier market access. India negotiates bilateral and multilateral deals.
20. Global Inequality – Benefits are unevenly distributed. Poor nations often lag behind.
21. Brain Drain – Skilled workers migrate for better opportunities. India also benefits through remittances.
22. Growth of MNCs – Multinational corporations influence economies. They shape global production and consumption.
23. International Institutions – IMF and World Bank provide financial assistance. They influence national policies.
24. Digital Globalization – Technology connects markets instantly. E-commerce and digital payments expand globally.
25. Global Value Addition – Countries now contribute small components to final products. It increases specialization.