Impact of Globalization on India (Essay Sample)

Impact of Globalization on IndiaName:Professor:Institution:Course:Date:
The debate on "winners and losers" of globalization has sparked varied opinions from all fields of professions. However, the phrase "winners and losers" has been widely and rather loosely put into context. In our discussion we are going to look at what impact has globalization had on India, have they gained more than they have lost? Experts have contracting understanding of what defines losers and winners; some believe that losers and winners are inevitable and natural, while others suggest that losers and winners are politically and socially generated. Globalization has brought new challenges such as growing inequality within and across nations, financial markets volatility, and environmental volatility.
Globalization of India has led to GDP growth rates from 5.6% in 1990/1991 to 77.8% in the 1996/1997, growth in exports, growth of Process Outsourcing Services (BPO), and outsourced IT and increased number of the skilled professionals. The improvement has made India’s global economic position to improve from position 8th in the year 1991 to 4th position in 2001. The global comparison of India shows that it’s one of the fastest growing countries after China. Some of the notable companies that have attributed to this growth include Pepsi, Coca-Cola, Kentucky Fried Chicken, and McDonald’s. The companies have expanded the base of operations, expansion of the workforce, and provision of a wide range of services leading to opening up of many opportunities.
Despite the excellent strides globalization has brought to India, poverty remains a challenge. The prevalent inequalities as a result of globalization will be heightened with the proposal to eliminate all tariffs. Can India be classified as a winner or a loser of globalization? From recent research carried out, India lags in the globalization especially when compared to china. Their FDI flow into the country averages at 0.5% against 5.5% and 5% of Brazil and China respectively. In addition, India’s global trade is synonymous to that of Philippines. This is underachievement considering that India’s economy is larger than that of Philippines. India’s globalization gap reflects the need for the country to assimilate, adapt and contribute to match its global counterparts. As a result of the globalization, India has intensified its competition and interdependence between other countries.
The article tries brings into context how India has a country has fared on with the issue of globalization. The author tries to explain into details whether India is lagging behind in globalization or not. Indeed from the aforementioned concepts, India can be classified as a loser in the globalization. However, the author outlines some of the ways through which the country has benefited from the globalization. As a result of globalization, the article highlights how domestic output has been negatively affected. In gene...