National economic development is powered by competition and competition is powered by Globalization. Globalization, in its broader terms, is a combination of integrity in technological, socio-cultural, political and economical components. It brings together the entire world on the same platform. Globalization has enabled a pathway through which communication has been possible globally. Globalization plays an important role in overall development of the economy as it promotes competitiveness. This will eventually aid employment generation and increase the pace of development of countries. It will create both entrepreneurial and employment opportunities for the people in different countries.
Is Globalization really necessary in India ?
In this globalized world, government, public sector and private sector all have to work as partners to make the country economically competitive. Effects of globalization changed the every aspect of life through its advanced communicating technology. The increase in growth of many third world nations was due to availing the global opportunities rose from globalization. Job market was created many opportunities and financial markets seen foreign currency flowing into the country as foreign investments.
On the other hand,Globalization poses threat to domestic growth of the Small Scale Industries by counteracting on the production which strives a lot to combat with the high quality products that are globally manufactured. Domestic industries suffer a lot along with the people who directly and indirectly depends on it for employment and growth opportunity often distressing them.
Advantages of Globalization :
- It will increase the trading between different nations free of cost.
- Advancement of new technologies
- Global Expansion in the business operations.
- Reduction of Cultural Barriers, Increases the global village effect.
Disadvantages of Globalization :
- Government Laws and Control
- Greater chance of reactions for globalization being violent in an attempt to preserve cultural heritage
- Increases the chances of Civil War
Lastly, globally,the demand is shifting towards development of sustainable systems which are technologically superior. This is the new dimension of the twenty first century knowledge society, where science, technology and environment will have to work together.