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Mind Map Globalization and The Indian Economy

Globalization refers to the increasing interconnection between countries through the movement of goods, services, technology, and people. It is influenced by multinational corporations investing in foreign countries to access cheap labor and raw materials. Globalization in India started on a large scale with the New Economic Policy of 1991, which liberalized trade barriers and the economy. The impacts of globalization in India include both positive effects like more goods, jobs, and technology, as well as negative effects such as threats to domestic producers and unequal sharing of benefits.

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Moin Ahmed
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15K views1 page

Mind Map Globalization and The Indian Economy

Globalization refers to the increasing interconnection between countries through the movement of goods, services, technology, and people. It is influenced by multinational corporations investing in foreign countries to access cheap labor and raw materials. Globalization in India started on a large scale with the New Economic Policy of 1991, which liberalized trade barriers and the economy. The impacts of globalization in India include both positive effects like more goods, jobs, and technology, as well as negative effects such as threats to domestic producers and unequal sharing of benefits.

Uploaded by

Moin Ahmed
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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MIND

Globalisation and the Indian Economy


Production Across Countries Multi National Corporations

Companies that have offices in many countries


Production of Production of Production of
raw materials finished goods services
Factors influencing MNCs

Interlinking Production Across Countries


Cheap Cheap raw Favourable
labour materials policies
Countries link production to minimise costs of government
WTO
Ways of interlinking
Functions of World Trade Organisation

Foreign Trade Foreign Investment


Make glabal Ensure that trade Liberalise
rules for trade flows smoothly International
trade
Export of Import of Foreign direct Partnerships/Joint Buying local
goods goods investment made ventures between company mergers
and and by multi National two companies of takeovers
services services corporations different countries of companies

Globalisation Globalisation in India

Refers to interconnection between countries


Started on a large scale with
New Economic Policy 1991
Interconnection takes place through

Movement of Investment Migration New Economic


Movement of goods
technology by MNCs Policy 1991
and services
People moving
Rise in exports Improved methods MNCs invest in from one country
and imports of production from poor countries to Removal of trade Policy of liberalisation
to another for
developed to get cheap labour barriers (removal of (loosening of
higher income.
developing countries and raw materials any restrictions governmental control
on foreign trade) on businesses)
Improvement in means of transport and
communication makes globalisation possible
Impact of Globalisation in India

Positive Impact Negative Impact

More variety of goods Threat to domestic producers

More jobs and more income Uncertain terms of employment

New technology Benefits not sharedequally in society

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