The Pros and Cons of Globalization for India Research Paper

The Pros and Cons of Globalization for India - Research Paper Example Because of globalization, various connections have taken place in global arena. Cultural and economic interactions have become more pronounced (Steger 49-89). Moreover, creations of free flow of people, goods, and services. Communication advancements have streamlined the globe and the world has now been viewed as a one village. Interconnections have increased rapidly due to advancement in technology. India is one of the countries that globalization has influenced in all aspects (Steger 123). This paper seeks to discuss pros and cons of globalization in India. Globalization has ensured India open up to the rest of the world. Various changes have taken place in India due to globalization. Globalization led to Indian government waiving restriction of its market to foreign interventions in the 1990’s. Consequently, Indian economy saw a tremendous growth that was unprecedented. Various sectors of the economy improved with a marginal rate such as steel industry, medical companies, a nd the energy (Nayak 113-115). Moreover, inflow of foreign income increased. In addition, the number of foreign investors in India increased and more jobs were created. Likewise, crucial areas of the economy such as the rails and roads were rebuilt due to increased source of revenue. The rate at which foreign companies and firms engaged with India also increased and the number of working class rose due to demand of workforce by industries that were built because of globalization. Most of the Indian industries adopted new technological advancement was distributed evenly in global arena. Secondly, relations between countries and India have improved significantly. This is due to thrust on the industry and trade in India. Consequently, this has led to improved accumulation of revenue and communication between trading partners. This has instilled a level of reliance and reciprocated confidence. In addition, globalization has led to proliferation of Indian pharmaceuticals companies especi ally in Africa. Indians have been outsourced to various countries due to cheap provision of labor. Such country like America have benefited from Indian worker since early 1990’s. Indian doctors have been outsourced to various part of the world (Mazumdar and Sarkar 141). In addition, the number of patient seeking specialized treatment in India has improved significantly in the last decade. The rise of foreign industries and product has given consumers chance to have a wider variety of good to choose from. However, even after the tremendous changes that were achieved after globalization there were still negative impact of globalization to the republic of India. India depends largely on its own company for growth and revenue acquisition. However, this has been hindered by globalization. Due to heavy investment by foreign companies in India, the rate of competition has increased. Majority of Indians consumer have changed their preference and taste and this made them to opt qualit y good manufactured by foreign companies. This affected Indian major companies such as steel and pharmaceuticals companies that were perceived to produce lower quality goods. Most of the companies that brought competition are from China and America. Additionally, high level of foreign investment to a country does not correlate to improved revenue. This is because most of the acquired profit is usually shipped back to mother country for