Liberalization Privatization and Globalization part - IV

 

          Globalization

                  It is defined as “interconnection of nations socio-culturally, politically and economically with each other at global level”.

           In case of India, It is the outcome of policies of Liberalization and Privatization.

          It facilitates the exchange of ideas, technology, transportation, communication at global level.

 

 

Advantages of Globalization –

Ø Socio-cultural -

§  Improvement in availability, accessibility and affordability of social services like health and education.

Example – People go abroad for better health services and better educational opportunities.

           Due to better service availability condition of women have improved.

          As per NHFS-5 (National Health Family Survey) data, MMR (Maternal Mortality Rate) has decreased to 113 per 1 lakh live birth and TFR (Total Fertility Rate) has reduced to 2.0 below replacement rate.

§  Narrowing of difference between different values systems through cultural awareness and people-to-people contacts, which lead to mingling of different cultures across Indian Society and world.

Example – Dress, Cuisine etc.

§  Increase in social interaction lead to social harmony, socio-economic inclusion, social security and social justice.

§  Increase in moral and ethical values, awareness towards social evil practices through media.

§  People participation through active social media

 

Ø Economic –

§  Increase in productivity of domestic industries due to increasing completion.

§  Emergence of concept of consumerism due to quality improvement and price reduction.

§  Growth of Indian industries from local to global as some became MNCs (Multi-National Companies).

§  Greater access to global markets led promotion of different sectors in economy like recycling and Gig platform

§  Immense proliferation of It industries, service sectors across globe

§  Growth of small and local industries by accessing global markets for their supplies.

§  Reduction of monopolistic tendencies of few industries.

Ø Political –

§  Emergence of concept of Geo-politics

 

§  Rise of multinational Institutions led concept of multilateralism and multipolarism. Example – UN and its organisations, G20, G7, BRICS, SCO etc.

§  Interlinking governance of countries at global level

§  Technologically advanced governance.

 

 

Disadvantages of Globalization

Ø Westernization of cultures of India, Africa etc.

Ø Urban-Rural disparity and regional disparity –

§  Urban areas are more developed and prosperous than rural areas and small towns.

§  Some regions of country are more prosperous than other regions.

Example – western India is more developed than eastern India. North-east region of India is poorly developed.

§  Similarly some countries of European region is more developed than others.

Example – Western European countries are developed while eastern European countries are developing in nature.

Ø Developed countries benefitted-

§  Developed countries are more benefitted than developing and under-developed countries.

§  People welfare of developing and under-developed countries are compromised.

Example – People of America and people of Africa

Ø Widened socio-economic inequalities lead social, gender and inter-generational inequity.

Ø Resources-

§  Unsustainable utilization of resources

§  Concentration of world resources in hand of few developed countries.

§  Weaponization of supply chain by some countries like China.

Ø Geopolitics concentrated in hands of few countries like USA, China, and Russia etc.

 

          Globalization help to pull out people from seclusion. It helps to fight with global crisis and planetary crisis like global warming and climate change, loss of biodiversity, pollution, cyber security etc. by the countries at common platform.                    

 

                There is need of more sustainability and inclusiveness by focusing more vulnerable people and countries of world to get better outcomes for everyone as well as need of wider engagement of international communities to deal with the challenges of Globalization.

                                          -By Pooja Gupta