Positive impact of Globalisation on Business and Indian Economy

 -By Nisha Suthar 


Globalization of business means viewing one’s business in a Global perspective in terms of a global outlook, using globally viable technology, offering The products or services which can better satisfy the customer needs in a global Environment, maintaining a quality in adherence to global standards an identity of global Corporate citizenship, and ultimately fostering a global organizational and business Culture.  




  • Industrial growth has been very high and strong during the past decade because of Globalisation. Indian industries are also expanding abroad. 
  • Foreign companies have Substantially increased their investments in Indian industries.
  • Wages of industrial labour Has increased substantially as they have become very productive. 
  • Several New type of industries have also come up. Small scale industries of the past, has grown Into medium scale companies. 
  • Globalisation has transformed the services sector with the most rapid growth in Telecommunications, internet, mobile telephone, ATMs, insurance, capital markets,  Retailing, airlines, and the software and BPO services industry and entertainment industry Creating wealth, income and employment opportunities.
Advantages of Globalisation for small businesses:

  • Scope of market increases :
As local markets undergo a slowdown, there's always the possibility that international markets are running without being aware of the local issues and you can enter the overseas market as well.

  • Expansion of business :
Certain companies need the opportunity to appeal to a large audience. It may be as easy as becoming a big fish in a small pond, or as complex as filling a niche that literally cannot exist in a static position for long without going under.
Businesses of all sizes can target international markets with similar preferences to those they already serve, resulting in new revenue streams, without the substantial investment required to open a global branch of an established business.

  • Equalising businesses :
Everything has become fairer as a result of globalisation. Every business now has access to marketing resources, business knowledge, and everything else they need to compete with larger, more developed companies; thanks to the Internet. That's one of the reasons Uber and other tech companies grew so quickly. The corporate world has become much more equal in recent years, allowing small businesses to thrive.


 If there was no globalisation, Most of these activities would have remained dormant and inefficient under govt. Monopolies. 

The exports from India have grown tremendously after India slowly started Opening up to globalisation.



Comments

  1. Aarya Gupta1 October 2021 at 09:13

    Globalization is really helpful just like this blog.👍🏻
    Really informative.

    ReplyDelete
  2. AAKRITI 1 October 2021 at 13:51

    Very informative 💯💫

    ReplyDelete

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