Economics - Globalisation and the Indian Economy 01 Class Notes Udaan 2025 PDF

# UDAAN 2025 ## Globalisation and The Indian Economy - Economics - Lecture - 01 - By - Kunal Sir ### Topics to be Covered 1. Globalisation 2. Factors Affecting Globalisation 3. 4. ### Syllabus: | | Topic | Marks | Total Marks | | :---: | :-------------------...

# UDAAN 2025 ## Globalisation and The Indian Economy - Economics - Lecture - 01 - By - Kunal Sir ### Topics to be Covered 1. Globalisation 2. Factors Affecting Globalisation 3. 4. ### Syllabus: | | Topic | Marks | Total Marks | | :---: | :-------------------------------------- | :----: | :---------: | | 1 | Development | 12 | 20 | | 2 | Sectors of the Indian Economy | 12 | | | 3 | Money and Credit | 12 | | | 4 | Globalization and the Indian Economy | 8 | | | | To be evaluated in the Board Examination | | | | | - What is Globalization? | | | | | - Factors that have enabled Globalization | | | | | Interdisciplinary project as part of multiple assessment (Internally assessed for 5 marks) | 6 | | | | - Production across the countries | | | | | - Chinese toys in India | | | | | - World Trade Organization | | | | | - The Struggle for a Fair Globalization | | | | 5 | Consumer Rights (Project Work) | | | ## Quiz: ### Question 1: Which of the following Indian Company has a presence at the global level? - Google - Microsoft - Apple - Reliance and Tata ### Bonus Question: Which of the following is a public sector (govt) comfany? - Infosys - Indian Railways - Tata Iron and Stel - Reliance Industries ## What is Globalisation 1. Globalisation is the rapid integration of markets across the world. 2. Maximum regions of the world are now connected. 3. Besides the movement of goods, investment, and technology, there is one more way that countries are connected. 4. **This is the movement of people** ## Globalisation (According to NCERT) 1. **People move across different countries** - For better education - For better lifestyle - For better job and other opportunities 2. In the last few decades, migrations have reduced due to restrictions in several countries. ## Factors That Have Enabled Globalisation - Technology - Government Policies ## Technology 1. **Rapid improvement in technology is a big factor behind globalisation.** 2. In the last few years, there has been rapid development in information and communication technology. 3. Now goods and services can be delivered at faster rates. ## Containers for transport of goods - Goods are placed in containers that can be loaded intact onto ships, railways, planes, and trucks. - Containers have led to a huge reduction in port handling costs and increased the speed with which exports can reach markets. - Similarly, the cost of air transport has fallen. This has enabled much greater volumes of goods being transported by airlines. ## Quiz: ### Question 1: Apart from movement of investment and goods, movement of ______ has connected the world - People - Money - None - Information Technology ### Question 2: _______ has helped to reduce the port handling costs - Internet - Containers - Both - None ## Development in Information and Communication Technology - In recent times, technology in the areas of telecommunications, computers, and the internet has been changing rapidly. - Telecommunication facilities (telegraph, telephone including mobile phones, fax) are used to contact one another around the world, to access information instantly, and to communicate from remote areas. - This is supported by satellite communication devices. ## Information Technology - Computers and the internet can be found almost everywhere. - The internet gives us the facility to connect instantly using emails. ## Using IT in Globalisation Information and communication technology (or IT in short) has played a major role in spreading out production of services across countries. - A news magazine published for London readers is to be designed and printed in Delhi. The text of the magazine is sent through the internet to the Delhi office. The designers in the Delhi office get orders on how to design the magazine from the office in London using telecommunication facilities. The designing is done on a computer. After printing, the magazines are sent by air to London. Even the payment of money for designing and printing from a bank in London to a bank in Delhi is done instantly through the internet (e-banking). - **Let's Work These Out** 1. In the above example, underline the words describing the use of technology in production. 2. How is information technology connected with globalisation? Would globalisation have been possible without expansion of IT? ## Government Policies - **Liberalisation of Foreign Trade and Foreign Investment Policy** - (a) Suppose the Indian government puts a tax on import of Chinese toys. - (b) Those who want to buy will have to pay the tax on it. Due to tax - buyers will have to pay a higher price on imported toys. - (c) Chinese toys will get costly and the import of toys will reduce. Indian producers will benefit. - **Trade Barrier** - Tax on imports is an example of a trade barrier. - It is called a barrier because some restriction has been set up. - Governments can use trade barriers to increase or decrease (regulate) foreign trade and to decide what kinds of foods and how much of each, should come into the country. - **Trade Barrier After Independence** - The Indian government, after Independence, had put barriers to foreign trade and foreign investment. - It was important to protect domestic producers from foreign competition. - Industries were just coming up in the 1950s and 1960s. - Competition from imports at that stage would not have allowed these industries to grow - India allowed import of only essential items like machinery, fertilisers, and petroleum etc. - *All the developed countries have given some type of protection to their local industries in their starting phase.* - **New Economic Policy - 1991** - Starting around 1991, some changes in policy were made in India. (LPG) - The government decided that the time had come for Indian producers to compete with producers around the globe. - It felt that competition would improve the performance of producers within the country since they would have to improve their quality. - This decision was supported by powerful international organisations. - Barriers on foreign trade and foreign investment were removed to a large extent. *Liberalisation* - This meant that goods could be imported and exported easily. - Foreign companies could set up factories and offices here. - **Liberalisation** - Removal of Trade Barriers - **Privatisation** - Transfer of ownership of industries from govt. to private individuals. ## Quiz ### Question 1: Suppose a Country X foub a tax known as "Spammers" on the import of a good called "rubbish". This is an example of__________. - Trade Barrier - Liberalisation - Privatisation - Both b & c ### Question 2: Suppose the govt. of Honululu removed the tax on import of Samosa, Jalebi and Kachori. This can be called _________. - Privatisation - Trade Barrier - Liberalisation of Trade - None ## Have a Doubt? **DOUBT SOLVING IS NOW 10X FASTER** - Numerical Questions ke answers kisse puuchu? - Mujhe yeh concept smjh nhi aya, kisse puuchu?? **Ask AI Guru** Your Personal AI Tutor App -: Click here Web -: Click here ## For Class 10th - Covers all Competency Based Questions as per the Latest CBSE SQP Guidelines - 100 Most Probable Questions - Cheat Sheets for last-minute revision Latest CBSE Sample Question Paper 2024-25 (with CBSE Marking Scheme) - Level-wise (Easy, Medium, Hard) Sample Papers with detailed solutions and Marking Scheme - CBSE Solved Paper 2024 - CBSE Past 5 Years' Paper Trend Analysis **Available on** - amazon - Flipkart - ✓ Store & All Offline Retail Stores ## Homework: Briefly discuss how technology has played a major role in enabling globalisation? (3) ## Thank you!