The term “globalization” refers to the process of integrating a country’s economy with the global economy.
It is the conclusion of several initiatives aiming at converting the world into one of increased interconnectedness and integration.
Globalization has had the following positive effects on the Indian economy:
India has seen an increase in international investment.
Greater cultural interchange as a result of increased population migration. This has benefited India’s tourist industry significantly.
Foreign items are allowed into Indian marketplaces.
Increased competition among businesses leads to improved product quality and lower product pricing.
Local industries gain efficiency as a result of access to newer technology and better manufacturing methods from more developed nations.
Final Answer:
Globalization has had the following positive effects on the Indian economy:
1) India has seen an increase in international investment.
2) Greater cultural interchange as a result of increased population migration. This has benefited India’s tourist industry significantly.
3) Foreign items are allowed into Indian marketplaces.
4) Increased competition among businesses leads to improved product quality and lower product pricing.
5) Local industries gain efficiency as a result of access to newer technology and better manufacturing methods from more developed nations.