Test: Globalisation - Humanities/Arts MCQ

According to rightist view, it leads to the weakening of the State. People will loose their identity and age-old values. They support protectionism and self-reliance.

As a part of economic reforms, the Government of India announced a new industrial policy in July 1991. Through this polcy, the country moved towards the globalisation pattern.

The Indian government embarked upon an expansionist policy without tackling the problem of resource mobilization, which was constrained because of the tax cuts. In 1986-87, the overall fiscal deficit touched an all time high of 9% of GDP.

Globalisation is a continuing process of economic restructuring, which has led to an increasing cross-border flow of trade in goods, services and financial assets, along with an increasing international mobility of technology, information and individuals.

Liberalisation is a process whereby a state lifts restrictions on some private individual activities.

This includes exchanges of currencies in capital movements, technology transfer, international travel and an international flow of ideas and information.

Globalization has led to the flow of ideas across national boundaries, e.g. spread of internet.

India was particularly well known for its handicraft industries in the fields of cotton and silk textiles, metal and precious stone works, etc. These products enjoyed a worldwide market base.

The World Social Forum (WSF) is another global platform that brings together a wide coalition composed of human rights activists, environmentalists, labour, youth and women activists opposed to neo-liberal globalisation. The first WSF meeting was organised in Porto Alegre, Brazil in 2001. The fourth WSF meeting was held in Mumbai in 2004. The seventh WSF meeting was held in Nairobi, Kenya in January 2007.

Due to globalisation of the Indian economy, various foreign MNCs have entered the the Indian market.