Is Globalization Beneficial For Developing Countries Like India?

Question

Is Globalization Beneficial For Developing Countries Like India?

2 Answers

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Answer 1

Globalization benefits many people in India already, by providing jobs that infuse cash into the economy. Even those without those jobs benefit because salaries get spent within India. Heck, even expats have a hard time sending their money outta here. Higher-paying jobs associated with globalization also subsidize the government, to the tune of approximately 30%.

Also, globalization brings you high-speed Internet, products from all over the world, and a transglobal populous that is more likely to learn how to interact with the rest of the world.

Answer 2

Globalization is the process of transforming of local phenomena into a global one. It includes technological, sociocultural, political and economic transformation.

Globalization is not only beneficial for the developed countries but also for the developing countries. India as a developing country would benefit a lot from the globalization. It could be a better market for outsourcing to all the world as it has abundance of skilled labor. It could promote its key industries in a much better way when there are no global restrictions. The imported goods would be much cheaper. Thus the economy and people would benefit.