1273647 ,Shubh amrit pal kaur , F2, Q:36 Is Globalization really necessary?

INTRODUCTION

Yes, Globalization is necessary, for an economy to grow. Globalization refers to the integration of economic, technological, socio-political factors with the world. And with globalization, with the mutual co-operation and assistance particularly with reference to the law of comparative advantage- it is going to be beneficial. .Globalization is necessary, for an economy to grow our country. The huge amount of foreign direct investment boosted the Indian economy quite significantly. 

 

Definition of Globalization:

        Political, economic, social and cultural aspects -            

“An immense enlargement of world communication and a world market”

                                                                                              (Fredric Jameson)

- Updated Frankfurt School view

- Capitalist market spreads everywhere

- The negative consequences of capitalism spread globally.

                            Globalization is the process of bringing world economies closer to one another. It encourages healthy competition for mutual benefit and promotes trade. This economic cooperation translates   into social and cultural understanding and peaceful co-existence.

DISCUSSION

                                              Globalization also helps reducing the poverty level in the country-there are plenty of evidences and record to support it. Developing countries specially require globalization. Because Indians are very rich in resources of skilled manpower .So other countries are interested to invest in India. We don't have that much funds/money to make very huge industries or developments. There is no shame to invite other countries for investing lot of advantages are there employment, infrastructure development, tourism, foreign exchange and etc. Even America would be nowhere if globalization was an imaginary concept never put forward. Half the world's countries would be reeling in depression right now if not for globalization. For example, petroleum, most countries are on the verge of depleting their entire reserves and some countries don't have it at all.

        In my point of view Globalization is a great thing which some developing countries like INDIA must follow seriously. Globalization is nothing must interaction between the countries all around the world. It can easily resolve terrific problems like economy, fight for education, unemployment etc. The second most thing here is we Indians must feel proud that many foreigners comes to INDIA for their studies etc. This means that there is a thing called CONNECTIVITY is already flowing in INDIA. Not only this, due to globalization we are in a step forward today. If this continues long, there would be a well-developed international market that is nothing but globalization occurs.

CONCLUSION

                Globalization in terms of economy is essential for India to achieve its predefined goals and fulfilling the job requirements till 2025. As it is giving the youth generation to use its potential in a better way in its own country through globalization, yes! But government of India must assure to restrict brain-drain and foreign monopoly in Indian market. For paving the Indian economy towards developed scenario, globalization is basic prerequisite. The most visible disadvantage is the great gap between the rich and the poor. Globalization leads to greater disparity between the developed and developing countries.
Also, multinational companies enjoy many advantages. For example, they are able to get cheap labour, which is readily available in the developing countries, and make enormous profits. The fears may be real but the fact is that globalization is here to stay. It has brought the world closer together and with understanding, cooperation and healthy competition, the vision of this one world may be realized someday.