CLASS 10 GLOBALIZATION AND THE INDIAN ECONOMY (ECONOMICS-4)
GLOBALIZATION AND INDIAN ECONOMY What is Globalization? • It is the process of rapid integration or interconnection between countries. • Rapid integration between countries is the result of free flow of goods, services, capital etc. • There is one more way through which countries are becoming closer and that is Movement of people between countries. • People usually move from one country to another in search of jobs or better education. This is also a result of Globalisation Need of Globalization • Industrialization could not improve during 1965-80s due to high controlled and regulated economy. • The performance of Public Sector was not satisfactory. • Private Sectors could not perform efficiently due to excessive controls which affected smooth business operation. Impact of Globalization in India Ø Greater competition among producers - both local and foreign produce