Choose the most appropriate option. The past two decades of globalisation has seen rapid movements in a) goods, services and people between countries. b) goods, services and investments between countries. c) goods, investments and people between countries.

Answer: The correct answer is option (b) – Goods, services and investments between countries.

  • There is a greater movement of technology, investments, services and goods between countries.
  • When compared to a few decades back, most regions of the world are in closer contact with each other. 
  • Greater integration of markets and production across countries was the result of greater foreign trade and greater foreign investment.
  • Multinational Companies (MNCs) control a large part of the foreign trade.
  • The best use of new opportunities thrown open by globalization, were done by people with better skills, wealth and education.
  • India has been beneficial for MNCs which can be seen from the rising investments spread over the past 20 years.
  • For companies in the services sector many new opportunities were created due to Globalization, particularly in the IT industry.
  • MNCs have shown keen interest in industries such as banking in urban areas, fast food, soft drinks, automobiles, cell phones, electronics.
  • Many new jobs have been created in the services and industries mentioned above. Raw materials are supplied to these companies by the local companies, which in turn allows these local companies to prosper.
  • Different types of services such as engineering, accounting, administrative tasks, data entry are now being done cheaply in countries such as India and are exported to the developed countries.
  • The car manufacturing plant of Hyundai Motors in India not only produces cars to meet the requirements of Indian markets, but also exports car components to other factories across the globe and exports cars to markets in other countries.
  • The above point is a good example of movement of investments and goods due to globalization.

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