Globalization and the Indian Economy one short_240826_121412.pdf

 Globalization and the Indian Economy Chapter According to the Latest Syllabus Globalization and the Indian Economy  Globalization and the Indian Economy What is Globalisation?...

 Globalization and the Indian Economy Chapter According to the Latest Syllabus Globalization and the Indian Economy  Globalization and the Indian Economy What is Globalisation? MNCs act as an agent in the process of Globalisation. Greater integration of production Foreign Investment + Foreign Trade and market across countries. Globalization is a process of rapid integration or Globalisation interconnection between countries. Globalisation : A broad concept World coming closer. Movement, of goods, services, investments, and technology. In search of better income, better jobs or + better education. However, there has not been much increase Movement of people between countries. Why? in the movement of people between countries due to various restrictions.  Globalization and the Indian Economy Factors that have Enabled Globalisation 1. Technology 2. Liberalisation of foreign trade and foreign investment policy.  Globalization and the Indian Economy 1. Improvement in technology Stimulate the globalisation process. Explain Improvement in transportation Development in information and technology communication technology This has made much faster delivery of Telecommunication, computers, and internet are goods across long distances possible some of the developments which are connecting at lower costs. world to remote areas with satellite communication devices.  Globalization and the Indian Economy 2. Liberalisation of foreign trade and foreign investment. What is Liberalisation? Need After Independence After 1990’s Trade Barriers : Tax on import is an example of trade Around 1991, some changes in policy were made in India. barrier, governments can use trade barriers to increase or decrease (regulate) foreign trade. The government decided that the time had come for Indian producers to compete with producers This was considered necessary to protect the producers around the globe. within the country from foreign competition. Industries It felt that competition would improve the were just coming up in the 1950s and 1960s. performance of producers within the country since they would have to improve their quality. No Imports Only essential items were allowed. This decision was supported by powerful international organisations. Removing barriers or restrictions set by the Liberalisation government is what is known as liberalisation.  Globalization and the Indian Economy Impact of liberalisation: Foreign trade, Foreign investment Goods could be imported and exported easily and also foreign companies could set up factories and offices here. Businesses are allowed to make decisions freely about what they wish to import or export. The government imposes much less restrictions than before and is therefore said to be more liberal.  Globalization and the Indian Economy Additional Topic India and the G20 Group of 20 G20 was founded in 1999, is an international, intergovernmental forum for economic cooperation comprising 19 countries and the European Union (EU). The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom, the United States, and the European Union. Significance and functioning Leaders from the member countries meet annually to discuss significant issues pertaining to the global economy including international financial stability, digital economy, climate finance and climate change mitigation, and sustainable development. Its members represent 85% of global GDP, 75% of international trade and two-thirds of the world's population.  Globalization and the Indian Economy Additional Topic Indian’s Role in the G20 The G20 presidency rotates among the member countries annually and is being assumed by India from Indonesia from 1st December 2022. India will convene the G20 Leader’s summit for the first time in the country in September 2023. It seeks to find pragmatic global solutions for the wellbeing of all while manifesting the true spirit of 'Vasudhaiva Kutumbakam’. India wants to bring about a shared global future for all through the Amrit Kaal initiative with a focus on the LIFE (Lifestyle for Environment) movement which aims to promote a sustainable way of life through the practice of environmentally-conscious practices.  Globalization and the Indian Economy Additional Topic India's Role in the G20 The six thematic priorities of India's G20 presidency are as follows: (1) Green Development, Climate Finance & LIFE. (2) Accelerated, Inclusive & Resilient Growth (3) Accelerating Progress on SDGs. (4) Technological Transformation & Digital Public Infrastructure. (5) Multilateral Institutions for the 21st century. (6) Women-led Development.  Join our telegram channel Team - DSR Connect with us on Instagram Digraj Singh Rajput