Question

State with Reasons whether you Agree or Disagree.
Globalisation does not have any effect on service sector.

Answer 1

Globalization has a large impact on the service sector. It is one of the objective of the New Economic Policy of 1991.

Globalization refers to the process of growing economic interdependence of countries worldwide through increasing the volume and variety of cross-border transactions in goods and services and of international capital flows through the more widespread diffusion of technology. It includes:

a) Growing global market in service- banking, insurance, transport.

b) Setting up of new financial markets.

c)The creation of the WTO to stimulate cross-border trade.