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FAQs on Mindmap: Globalisation & the Indian Economy - Class 6 to 12 NCERT Mindmaps for UPSC Preparation
| 1. What is globalization and how does it affect the Indian economy? |  |
| 2. What are the benefits of globalization for India? | |
Ans.The benefits of globalization for India include enhanced economic growth due to increased trade, access to foreign investments, and technology transfer. It has facilitated the growth of industries such as information technology, pharmaceuticals, and textiles, leading to job creation and improved competitiveness. Additionally, globalization has helped India integrate into the global economy, providing consumers with a wider array of products and services.
| 3. What challenges does globalization pose to the Indian economy? | |
Ans.Globalization poses several challenges to the Indian economy, including increased competition for domestic businesses, which can lead to market volatility and job losses in traditional sectors. There is also the risk of cultural homogenization, where local cultures and practices may be overshadowed by global influences. Furthermore, globalization can exacerbate income inequality, as benefits may not be evenly distributed across different segments of the population.
| 4. How has globalization influenced India's labor market? | |
Ans.Globalization has significantly influenced India's labor market by creating new job opportunities, particularly in sectors like IT, services, and manufacturing. However, it has also led to the emergence of informal employment and concerns about labor rights, as many workers face precarious job conditions. Additionally, globalization has necessitated upskilling and reskilling of the workforce to meet the demands of a rapidly changing job landscape.
| 5. What role does government policy play in managing globalization in India? | |
Ans.Government policy plays a crucial role in managing globalization in India by formulating regulations that promote fair trade, protect domestic industries, and ensure social welfare. Policies aimed at attracting foreign investment, such as tax incentives and ease of doing business reforms, are essential for leveraging globalization's benefits. Additionally, the government can implement measures to address the adverse effects of globalization, such as social safety nets and skill development programs for affected workers.
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