Class 10 Economics Chapter 4 Globalisation And The Indian Economy
NCERT Notes For Class 10 Economics Chapter 4 Globalisation And The Indian Economy, in this step-by-step answer guide. In some of State Boards and CBSE schools, students are taught thru NCERT books. As the chapter comes to an end, students are requested few questions in an exercising to evaluate their expertise of the chapter.
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NCERT Notes For Class 10 Economics Chapter 4 Globalisation And The Indian Economy
Class 10 Economics Chapter 4 Globalisation And The Indian Economy
Globalization And The Indian Economy
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
Globalization makes the world more accessible to everyone.
PRODUCTION ACROSS COUNTRIES
- Trade was the main channel connecting distant countries.
- MNC is a company that owns or controls production in more than one nation.
- Large companies, which are now called Multinational Corporations (MNCs) play a major role in trade
- MNCs set up offices and factories for production in regions where they can get cheap labour and other resources.
- This is done so that the cost of production is low and the MNCs can earn greater profits.
- MNCs set up production where it is close to the markets; where there is skilled and unskilled labour available at low costs and where the availability of other factors of production is assured.
- In addition, MNCs might look for government policies that look after their interests.
INTERLINKING PRODUCTION ACROSS COUNTRIES
- The money that is spent to buy assets such as land, building, machines and other equipment is called investment.
- Investment made by MNCs is called foreign investment.
- Any investment is made with the hope that these assets will earn profits.
- Variety of ways in which the MNCs are spreading their production and interacting with local producers in various countries across the globe.
- By setting up partnerships with local companies.
- By using the local companies for supplies.
- By closely competing with the local companies or buying them up
MNCs are exerting a strong influence on production at these distant locations.
MNCs set up production jointly with local companies which benefits local companies in the following ways:
- First, MNCs can provide money for additional investments, like buying new machines for faster production.
- Second, MNCs might bring with them the latest technology for production
FOREIGN TRADE AND INTEGRATION OF MARKETS
- Foreign trade creates an opportunity for the producers to reach beyond the domestic markets, i.e., markets of their own countries.
- Producers can sell their produce not only in markets located within the country but can also compete in markets located in other countries of the world.
- Similarly, for the buyers, import of goods produced in another country is one way of expanding the choice of goods beyond what is domestically produced.
- buyers have the options to choose among various goods beyond domestically produced goods.
- Foreign trade thus results in connecting the markets or integration of markets in different countries.
WHAT IS GLOBALISATION?
- Globalisation is this process of rapid integration or interconnection between countries.
- MNCs are playing a major role in the globalisation process.
- More and more goods and services, investments and technology are moving between countries.
- Besides the movements of goods, services, investments and technology, there is one more way in which the countries can be connected.
- This is through the movement of people between countries.
FACTORS THAT HAVE ENABLED GLOBALISATION
1. Technology
Rapid improvement in technology has been one major factor that has stimulated the globalisation process.
For instance, the past fifty years have seen several improvements in transportation technology. This has made much faster delivery of goods across long distances possible at lower costs.
The developments in information and communication technology have made information instantly accessible.
2. Liberalisation of foreign trade and foreign investment policy
- Tax on imports is an example of trade barrier.
- It is called a barrier because some restriction has been set up by government.
- Governments can use trade barriers to increase or decrease (regulate) foreign trade and to decide what kinds of goods and how much of each, should come into the country.
- Tax on imports is an example of trade barrier.
- Removing barriers or restrictions set by the government is what is known as liberalisation.
- When the government imposes less restrictions than before, it is said to be more liberal.
WORLD TRADE ORGANISATION
- World Trade Organisation (WTO) is organisation whose aim is to liberalise international trade.
- Started at the initiative of the developed countries, WTO establishes rules regarding international trade, and sees that these rules are obeyed.
- At present, nearly 165 Countries of the world are currently members of the WTO.
- It has established rules for developed countries regarding international trade so that these countries can allow free trade for all.
IMPACT OF GLOBALISATION IN INDIA
Among producers and workers, the impact of globalisation has not been uniform.
Effects of Globalisation
Firstly
- MNCs have increased their investments in India over the past 20 years, which means investing in India has been beneficial for them.
- It has provided greater choices to consumers who now enjoy improved quality of and lower prices on several products.
- It has resulted in higher standards of living.
- MNCs have been interested in industries such as cell phones, automobiles, electronics, soft drinks, fast food or services such as banking in urban areas.
- These products have a large number of well-off buyers.
- In these industries and services, new jobs have been created. Also, local companies supplying raw materials, etc. to these industries have prospered.
Secondly
- several of the top Indian companieshave been able to benefit from the increased competition.
- They have invested in newer technology and production methods and raised their production standards.
- Some have gained from successful collaborations with foreign companies.
Moreover, globalisation has enabled some large Indian companies to emerge as multinationals themselves! Tata Motors (auto-mobiles), Infosys (IT), Ranbaxy (medicines), Asian Paints (paints), Sundaram Fasteners (nuts and bolts) are some Indian companies which
are spreading their operations worldwide
THE STRUGGLE FOR A FAIR GLOBALISATION
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.
The government can play a major role in making this possible.
Some of the steps that the government take are:
- It can ensure that labour laws are properly implemented and the workers get their rights.
- It can support small producers to improve their performance.
- If necessary, the government can use trade and investment barriers.
- It can negotiate at the WTO for ‘fairer rules’.
- It can also align with other developing countries with similar interests to fight against the domination of developed countries in the WTO.
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