Read the passage given below.
Globalization is the way to open businesses, improve technological growth, economy, etc.
at the international level for all countries. It is the way in which manufacturers and
producers of the products or goods sell their products globally without any restriction. It
provides huge profits to the businessmen as they get low cost labour in poor countries
easily. It provides a big opportunity to the companies to deal with the worldwide market.
Globalization helps to consider the whole world as a single market. Traders are extending
their areas of business by treating the world as a global village. Earlier, till the 1990s, there
was a restriction on importing certain products which were already manufactured in India
like agricultural products, engineering goods, food items and toiletries. However, during
the 1990s, there was a pressure from the rich countries on the poor and developing
countries to allow them to spread their businesses by opening their markets. In India, the
globalization and liberalization have been a bonanza for the consumers, however, a loss to
the small-scale Indian producers.
Globalization has had some very positive effects on the Indian consumer in all sectors of
society. It has affected the Indian students and education sector to a great extent by
making study books and a lot of information available over the internet. Collaboration of
foreign universities with the Indian universities has brought about a huge change in the
field of education.
Globalization of trade in the agricultural sector has brought varieties of qualityof seeds
which have disease resistance property. However, it is not good for the poor Indian
farmers because the seeds and agricultural technologies are costly. It has brought about a
huge revolution in the employment sector by the spread of businesses like handloom,
carpet, artisan carving, ceramic, jewellery and glassware, etc. With globalization’s strong momentum running up against powerful headwinds, it is
important to recognize that market integration is still limited in absolute terms. The foreign
operations of multinational firms around the world generate only about 9% of global
output. Exports of goods and services add up to 29% of world GDP, but even that figure
comes down to about 20% if we adjust for output that crosses borders more than once.
Managers surveyed across six countries in 2017 estimated these international production
and trade metrics at 37% Goyal and 41%, respectively.
We cannot predict with confidence whether the coming year will bring a higher or a lower
level of globalization. But we can safely say that international flows and the constraints
that borders and distance impose upon them will both continue to matter. So, the biggest
winners regardless of whether globalization goes up or down, are likely to be companies
that embrace globalization’s complexity rather than purely local or global visions of their
On the basis of your understanding of the passage, answer the following questions from
the six given below.
(i) What do the observations state about market integration?
(ii) Comment on the inherent traits of
globalization with reference to para 1
(iii) Who doesn’t benefit from globalization in India in reference to para 2?
(iv) To which fact does the ‘global village’ concept of globalization point?
(v) According to the graphical representation, who are the biggest and the lowest
player in import in international trade in 2018?
(vi) What does the impact of globalization on the agricultural sector indicate?
Asked by rita.udai.1234
4th June 2023,
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