Essay Topic: Globalization of Indian Economy
Globalization has been a decent term that has changed the future of our country. The economy of our country has seen a tremendous growth and is about to see other ups with the coming times.
The global network has been nourished with time. From bringing better traffic to businesses to building a stronger communication channel, we have come a long way when we speak about the globalisation. In simpler terms, Globalisaton means the integration of the economy of a nation keeping in mind overall growth of the country.
We all know that India was one of the prime nations that has gained much appreciation after the introduction of Globalisation. From the rise of foreign investment in retail, corporate and other scientific sections, everything falls into the right place.
Here is our take on Indian Globalisation and how it can impact the other sectors of the society.
It has increase in employment chances
To begin with, there are so many employment opportunities that have been introduced in the market. Commonly known as SEZs or special economic Zones, the availability and predictability of the jobs have raised to a higher level. In the past few years, it has been seen that most of the educated population is now choosing to stay in the country and start a career. Few years back, the story was not the same. Due to lack of good opportunities, people tend to go abroad and settle in their career. Apart from the motivation factor, the cheap labour wages is one of the prime reasons why there are plenty of job opportunities in the country. In simpler terms, we can state that globalization has increased the chances of employment and also gives the chances to get better employment opportunities.
High Surge in Compensation
When we have seen a hike in globalization, we know that somehow we are going to see a sudden surge in the competition. The compensation level will be higher than ever before. The enhanced knowledge and skill of individuals allow them to go ahead with the advanced modification in the management structure and expect a better hike in the existing salaries and pay cheques. We all know that in the past, India is one of the lowest paid countries in terms of salaries and other wages. But with the passage of time, it is clear that now the nation is changing for the betterment. Globalization has opened the doors of high incomes, better livelihood and enhanced payments as per the skills of the individuals. This is one of the influential aspects that can not be missed at any point of time.
Improve Standard of Living with quality lifestyle
Another added benefit that has been expected with the concept of globalization is that it has helped many people to live a better standard of lives. The purchasing power of the people has been improved. You can easily notice the improvement in the purchasing power of individuals. This can be a turning point in many lives and can increase the chances to live a better life. The purchasing power of the individuals, the domestic style of living has been increased with time. Even the domestic organizations are also paying a decent amount of salaries to its employees. This has been a turning point for India as a nation. People are more conscious about their livelihood and how they can proceed with the upliftment of their standards.
Improve the health standard
Globalization has hit the nation. Talking about the health aspect, there are many of the people who are now enjoying good health benefits with time. It has been made possible because people are now having money to look after themselves. This can be a turning point in the health conditions of people. As the financial state of an individual gets uplifted, his lifestyle, his spending capacity also keeps on improving. This can put a significant impact on the health status too. In nutshell, we can say that it resulted in increasing the health standard of the individuals too.
As a part of conclusion, we can say that there are many influential benefits that come with the concept of globalization. If you are one of those lucky souls who have been adaptive with globalization, you must be knowing how life has been changed in these days. Though there are certain disadvantages too associated with the globalization impact on Indian economy. But overall, the advantages overweigh the disadvantages and people are enjoying the benefits of globalization.