SUMMING UP investment has facilitated globalisation by removing barriers to trade and investment. At the inter- national level, WTO has put pressure on developing coun- tries to liberalise trade and investment. While globalisation has benefited well-off consumers and also producers with skill, education and wealth, many small producers and workers have suffered as a result of the rising competition. Fair globalisation would create opportunities for all, and also ensure that the benefits of globalisation are shared better.
What do you understand by globalisation? Explain in your own words. . What were the reasons for putting barriers to foreign trade and foreign investment by the Indian government?
Why did it wish to remove these barriers? . How would flexibility in labour laws help companies? .
What are the various ways in which MNCs set up, control or produce in other countries? . Why do developed countries want developing countries to liberalise their trade and investment? What do you think should the developing countries demand in return?
. “The impact of globalisation has not been uniform.” Explain this statement. . How has liberalisation of trade and investment policies helped the globalisation process?
. How does foreign trade lead to integration of markets across countries? Explain with an example other than those given here. .
Globalisation will continue in the future. Can you imagine what the world would be like twenty years from now? Give reasons for your answer. .Supposing you find two people arguing: One is saying globalisation has hurt our country’s development.
The other is telling, globalisation is helping India develop. How would you respond to these arguments? .Fill in the blanks. Indian buyers have a greater choice of goods than they did two decades back.
This is closely associated with the process of . Markets in India are selling goods produced in many other countries. This means there is increasing with other countries. Moreover, the rising number of brands that we see in the markets might be produced by MNCs in India.
MNCs are investing in India because . While consumers have more choices in the market, the effect of rising and meant greater the producers. .Match the following. (i) MNCs buy at cheap rates from small (a) Automobiles producers (ii) Quotas and taxes on imports are used to (b) Garments, footwear, sports regulate trade items (iii) Indian companies who have invested abroad (c) Call centres (iv) IT has helped in spreading of (d) Tata Motors, Infosys, Ranbaxy production of services (v) Several MNCs have invested in setting (e) Trade barriers up factories in India for production