Impact of Globalisation on Poverty, Inequality and Employment in India
The impact of globalisation on employment, poverty, inequality has been profound. India, which accounts for the second most populated country all over the world, initiated steps towards being a global economy in the year 1991, when a series of economic reforms were undertaken. Globalisation has become a widely used term with no formal definition as such. Globalisation describes a process by which national and regional economies, societies, and cultures have become integrated through the global network of trade, communication, immigration and transportation. In recent times, globalisation has been prominently used in context of economics which is inclusive of, trade, foreign direct investment and international capital flows, etc. The proponents of globalization claim that it has the potential to enrich every country in the world, particularly the developing countries. The initial transition from a closed economy to being a global economy might be painful but the subsequent transformation of the economy brings in explosion of opportunities and choices for the consumers. The Globalization involves harmonious integration of global markets which are politically as well as geographically divided. Every coin has two sides, the sae goes with globalisation. It has some positives as well as negatives too. It entirely depends upon how efficiently the governments without losing its sovereignty and lands are able to exploit the opportunities presented by this. It is expected that globalisation can prove to be an effective way to alleviate the social evils, such as , poverty, inequality, and unemployment situation in a country. Initiating long term reforms to facilitate international trade, cooperation can certainly provide a big foot towards economic welfare and development.
Dr. Sakharam Mujalde | Ms. Avi Vani