In 1991, the pace of globalization in India had begun to accelerate; from then on things in India were not gong to be the same. Globalization in India has had both its positive and negative effects. Globalization can involve a number of things like the business aspect and agricultural.
According to daldrup.org globalization has drastically affected the Business aspect in India. India is expected to have 715 shopping malls by 2016; it has a consumer base of 1.14 million, and the third largest telecom market. But the negative effect this has had is that India’s youth is no longer furthering their education and working at call centers for cheap money. And by the year 2016 comes India is expected to be the seventh largest automobile market.
“Over 56% of the population depends on agriculture and related occupations for their livelihood; nearly three fourths of the population belongs to the weaker sections, some of whom are marginal and small farmers whereas others belong to the working class” (pactu.edu.np). The number one problem that India is facing is the farmer debt suicides. What happens is that these farmers create these horrible debts for themselves and it’s a trap. The price of produce has fallen and because of this cannot gain a good amount of profit. They then borrow money from a private loaner, that has outrageous interest rate and they borrow more to pay off the debt and then have debt from other loaners and eventually they cannot get out of it.
It’s very clear all over the world that globalization has come into effect. India is one of the many countries that globalization has taken a large effect. Although it doesn’t have negative effects, there a lots of positive points as well.
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