See and SBI ad.
At
the age of 15, I became a national winner of elocution contest
At
the age of 16, I cleared national matriculation examination
At
the age of 18, I got admission in LSE
Globalisation
and Resistance Movements: Feminist, Environmentalist, Various Protest
movements, Social Forums etc
Resistance
to globalisation is multiple.
Anti-globalization
Movement, Alter-globalisation,
World Social Forum,
In
The Will of the Many: How the Alter-globalisation Movement is Changing the Face
of Democracy author Marianne Maeckelbergh argues that the
most promising model for global democracy is not coming from traditional
political parties or international institutions, but from the global networks
of resistance to neoliberal economics, known collectively as the
Alter-globalisation movement
Negative impacts
Globalization uses
up finite resources more quickly
Globalization increases
world carbon dioxide emissions
Globalization
makes it virtually impossible for regulators in one country to foresee the
worldwide implications of their actions
Globalization acts
to increase world oil prices
Globalization
transfers consumption of limited oil supply from developed countries to
developing countries
Globalization
transfers jobs from developed countries to less developed countries
Globalization
transfers investment spending from developed countries to less developed
countries.
With the dollar as
the world’s reserve currency,
Globalization
leads to huge US balance of trade deficits and other imbalances.
Globalization
tends to move taxation away from corporations, and onto individual citizens.
Globalization sets
up a currency “race to the bottom,” with each country trying to get an export
advantage by dropping the value of its currency.
Globalization
encourages dependence on other countries for essential goods and services
Globalization ties
countries together, so that if one country collapses, the collapse is likely to
ripple through the system, pulling many other countries with it.
Rising
competition
Uncertain
employment
Employment Disparity
Cultural Deterioration
Fast food chains like McDonalds and
KFC are spreading fast in the developing world. People are consuming more junk
food which has an adverse impact on their health. Apart from the health
concerns, there is something else that globalization has been criticized for,
and it is the accusation that it has opened floodgates for restaurants and
eateries which are insensitive to the religious beliefs of the host nation. For
example, a lawsuit had to be filed against McDonalds in India, after it was
accused of serving beef in their burgers.
Rise in Health Risks
first-known case of AIDS came up in
America, Environmental
degradation
Globalisation
operates mostly in the interests of the richest countries, which continue to
dominate world trade at the expense of developing countries. The role of LEDCs
in the world market is mostly to provide the North and West with cheap labour
and raw materials.
Globalisation in
India
Advent of New
Economic Policy -
After suffering a huge financial and economic crisis Dr. Man Mohan Singh
brought a new policy which is known as Liberalization, Privatization and
Globalization Policy (LPG Policy) also known as New Economic Policy,1991 as it
was a measure to come out of the crisis that was going on at that time. The
following measures were taken to liberalize and globalize the economy:
1. Devaluation: To solve the balance of payment problem Indian currency were
devaluated by 18 to 19%.
2. Disinvestment: To make the LPG model smooth many of the public sectors were
sold to the private sector.
3. Allowing Foreign Direct Investment (FDI): FDI was allowed in a wide range of
sectors such as Insurance (26%), defense industries (26%) etc.
4. NRI Scheme: The facilities which were available to foreign investors were
also given to NRI's.
The New Economic Policy (NEP-1991) introduced changes in the areas of trade
policies, monetary & financial policies, fiscal & budgetary policies,
and pricing & institutional reforms. The salient features of NEP-1991 are
(i) liberalization (internal and external), (ii) extending privatization, (iii)
redirecting scarce Public Sector Resources to Areas where the private sector is
unlikely to enter, (iv) globalization of economy, and (v) market friendly
state.
Consequences of
Globalization:
The implications of globalisation for a national economy are many.
Globalisation
has intensified interdependence and competition between economies in the world
market.
As
a result domestic economic developments are not determined entirely by domestic
policies and market conditions.
It
is thus clear that a globalising economy, while formulating and evaluating its
domestic policy cannot afford to ignore the possible actions and reactions of
policies and developments in the rest of the world. This constrained the policy
option available to the government, which implies loss of policy autonomy to
some extent, in decision-making at the national level.
Impact of Globalization on Agricultural Sector:
Agricultural Sector is the mainstay of the rural Indian economy around which
socio-economic privileges and deprivations revolve and any change in its
structure is likely to have a corresponding impact on the existing pattern of
Social equity. The liberalization of India’s economy was adopted by India in
1991. Facing a severe economic crisis, India approached the IMF for a loan, and
the IMF granted what is called a ‘structural adjustment’ loan, which is a loan
with certain conditions attached, which relate to a structural change in the
economy. Essentially, the reforms sought to gradually phase out government
control of the market (liberalization), privatize public sector organizations
(privatization), and reduce export subsidies and import barriers to enable free
trade (globalization).
Impact of
Globalization on Industrial Sector:
Effects of Globalization on Indian Industry started when the government opened
the country's markets to foreign investments in the early 1990s.
Globalization
of the Indian Industry took place in its various sectors such as steel,
pharmaceutical, petroleum, chemical, textile, cement, retail, and BPO.
The
negative Effects of Globalization on Indian Industry are that with the coming
of technology the number of labor required decreased and this resulted in many
people being removed from their jobs. This happened mainly in the
pharmaceutical, chemical, manufacturing, and cement industries.
Impact on
Financial Sector:
Reforms of the financial sector constitute the most important component of
India’s programme towards economic liberalization.
The
recent economic liberalization measures have opened the door to foreign
competitors to enter into our domestic market.
Innovation
has become a must for survival.
Financial
intermediaries have come out of their traditional approach and they are ready
to assume more credit risks.
As
a consequence, many innovations have taken place in the global financial
sectors which have its own impact on the domestic sector also.
The
emergences of various financial institutions and regulatory bodies have
transformed the financial services sector from being a conservative industry to
a very dynamic one.
In this process, this sector is facing a
number of challenges.
In
this changed context, the financial services industry in India has to play a
very positive and dynamic role in the years to come by offering many innovative
products to suit the varied requirements of the millions of prospective
investors spread throughout the country.
Reforms
of the financial sector constitute the most important component of India’s
programme towards economic liberalization.
Growth in financial services (comprising banking, insurance, real estate and
business services), after dipping to 5.6% in 2003-04 bounced back to 8.7% in
2004-05 and 10.9% in 2005-06. The momentum has been maintained with a growth of
11.1% in 2006-07. Because of Globalization, the financial services industry is
in a period of transition. Market shifts, competition, and technological
developments are ushering in unprecedented changes in the global financial
services industry.
Impact on Export and Import:
India's Export and Import in the year 2001-02 was to the extent of 32,572 and
38,362 million respectively. Many Indian companies have started becoming
respectable players in the International scene.
Agriculture
exports account for about 13 to 18% of total annual of annual export of the
country.
In
2000-01 Agricultural products valued at more than US $ 6million were exported
from the country 23% of which was contributed by the marine products alone.
Marine
products in recent years have emerged as the single largest contributor to the
total agricultural export from the country accounting for over one fifth of the
total agricultural exports.
Cereals
(mostly basmati rice and non-basmati rice), oil seeds, tea and coffee are the
other prominent products each of which accounts fro nearly 5 to 10% of the
countries total agricultural exports.
