Globalisation is referred as to indicate the integration of the economy of the nation with the world economy, it is a multifaceted aspect. It is a combined effort of the collection of multiple strategies that are directed at transforming the world towards greater interdependence and integration. It mainly includes the development of networks and pursuits transforming social, economic and geographical barriers.
Positive effects of globalisation on Indian economy:
- The growth of foreign investment is enormous in the country in all sectors of development.
- Has a tremendous impact on the social, monetary, cultural, and political area.
- Due to improvements in transportation and information technology globalisation has taken a giant leap.
- With the opportunity of Special Economic Zones (SEZ), there is an increase in the number of new jobs opportunity.
- Due to the skill and knowledge a foreign company offers the Indian firms are increasing the compensation which indirectly is a positive impact on globalisation.
- The Indian economy and the standard of living of an individual has increased.
- Many cities are undergoing a better standard of living along with business development and improving the class of their lifestyle.