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Globalisation and the Indian Economy Class 10 Notes Social Science Economics Chapter 4

1. Globalization is the process of rapid integration of countries. This is happening through greater foreign trade and foreign investment.

2. MNCs are playing a major role in the globalization process. More and more MNCs are setting up offices and factories for production in regions where they can get cheap labour and other resources. As a result, production is being organized in complex ways.

3. Technology, particularly Information Technology (IT), has played a major role in organizing production across countries. In addition, liberalization of trade and investment has facilitated globalization by removing barriers to trade and investment.

4. At the international level, World Trade Organisation or WTO has put pressure on developing countries to liberalise trade and investment.

5. With liberalisation of trade, businesses are allowed to make decisions freely about what they wish to import or export.

6. In India, barriers on foreign trade and foreign investment were removed to a large extent in the year 1991. This meant that goods could be imported and exported easily and also foreign companies could set up factories and offices in the country.

7. In the last twenty years, globalization of the Indian economy has come a long way. While globalization has benefited well-off consumers and also producers with skill, education and wealth, many small producers and workers have suffered as a result of the rising competition.

8. Several of the small manufacturing units have shut down rendering many workers jobless. Thus, everyone has not benefited from globalization.

9. There is a need to make globalization fair. Fair globalization would create opportunities for all, and also ensure that the benefits of globalization are shared better.

10. The government can play a major role in making this possible. Its policies must protect the interests, not only of the rich and the powerful, b