India and Globalization Essay

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India and Globalization Not only does globalization affect an economy, it also affects other factors such as poverty! Before globalization poverty, unemployment was rampant in India and the surrounding countries. Many people lived in awful, polluted and poor slums and they even had mountains of trash. Now with globalization India is able to compete on a global scale economically. “In the global economy, India’s position improved from 8th position in 1991, to 4th place in 2001.” (Impact page 1) Many more jobs are available and employment is at an all-time high and poverty is at an all-time low. Not only are they more economically sound but they now have economic leverage over other countries. Meaning they can gain things they wouldn’t have gained otherwise. Now India has a high GDP and they can purchase things they wouldn’t have been able to before. Examples of this would be the newest technologies and the poor can now afford food and shelter for their families. “The benefits of the effects of globalization in the Indian Industry that are many foreign companies set up industries in India. Especially in the pharmaceutical, BPO, petroleum, manufacturing and chemical sectors and this helped to provide employment to many people in the country this helped reduce the level of unemployment and poverty in the country.”(Effects page 1) Women in Sari’s leaving a technology job Globalization is overall considered a positive experience however there are many, many examples of the down falls of globalizations. Many argue that globalization leads to the poorer getting poorer and the richer getting richer. Many argue that corporations use countries like India for cheap labor and cheap land. They profit majorly and they pay minimum wage if not under minimum wage. Competition over quality with other foreign countries is

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