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Concept / Advantages / Disadvantages of Globalisation -



Concept of Globalisation :-

Globalisation is a process of rapid integration or inter-connection between countries through trade, foreign direct investment, capital flow, migration, & the spread of technology.
The main elements of Globalisation includes the followings :
1. Introduction of Foreign Exchange Management Act, 1999 (FEMA) :-
The government of India introduced FEMA 1999 to make foreign exchange transactions easier such as obtaining of funds by Indian companies from abroad, overseas investment by Indian firms, holding of properties in India by NRIs, holding of properties by India nationals abroad.
2. Reduction in custom duties :-
The government of India reduced the custom duties. The reduction in import duties has resulted in cheaper import into India.
3. Liberalisation of foreign investment :-
The government of India has liberalised foreign investment which in turns has given a good boost to Indian capital market.
4. Signing of WTO Agreement :-
India has signed a number of agreement in order to expand Indian trade worldwide. Some of the agreement includes TRIPS (Trade Related Intellectual Property Rights), GATS (General Agreement on Trade in Service).
Advantages of Globalisation :-
1. Free flow of foreign capital.
2. Free flow of new technology & production method.
3. Increased in Industrialization.
4. Increased in employment & income.
5. Benefits for consumers.
Disadvantages of Globalisation :-
1. Loss of domestic industries.
2. Unemployment.
3. Increasing inequalities between rich & poor.
4. Cultural problems.
5. New type of political & commercial colonization.
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