globalisation and the indian economy

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Page 1: Globalisation and the Indian Economy

Globalisation and the Indian Economy

Made by Nazal Noushad

X-B

Page 2: Globalisation and the Indian Economy

GlobalisationGlobalisation is the process of internationalintegration arising from the interchangeof world views, products, ideas, and otheraspects of culture. In particular, advancesin transportation and telecommunications  infrastructure, including the rise of the Internet,are major factors in globalization and precipitatefurther interdependence of economic andcultural activities.

Page 3: Globalisation and the Indian Economy

General Connections with countries

Page 4: Globalisation and the Indian Economy

Overview of GlobalisationHuman interaction over long distances hasexisted for thousands of years. The overland SilkRoad that connected Asia, Africa and Europe isa good example of the transformative power ofinternational exchange that existed in the "OldWorld". Philosophy, religion, language, the arts,and other aspects of culture spread and mixedas nations exchanged products and ideas.

Page 5: Globalisation and the Indian Economy

Mind map of Globalisation

Page 6: Globalisation and the Indian Economy

Economic ReformsEconomic policy adopted by the government of India since July, 1991 is termed as economic

reforms.

Page 7: Globalisation and the Indian Economy

Main features of Economic Reforms

Liberalisation:- means removing unnecessary trade restrictions and making the economy more competitive. Privatisation:- means removing strict control over

private sector and making them free to take necessary

decisions. Globalisation:- means free interaction among

economies of the world in the field of trade, finance, production, technologies and investment. Modernisation:- means the new economic policy

according to top priority to modern techniques and technology. Fiscal Reforms:- means controlling public expenditures

and increasing revenue in order to discipline expenditure.

Page 8: Globalisation and the Indian Economy

Arguments in favour of Economic Reforms

Increase in the Rate of Economic Growth

Fall in Fiscal Deficit Price Control Reduction in Poverty and Inequality Improving the Efficiency of Public

sector Development of Small-scale Industries

Page 9: Globalisation and the Indian Economy

Arguments against Economic Reforms

Injustice to agriculture Heavy Dependence on Foreign Depts. Dependence on Foreign Technology Excessive Importance to Privatisation Reduction in Employment

Opportunities Encouragement to the production of

Luxuries

Page 10: Globalisation and the Indian Economy

World Trade Organisation (WTO)

WTO stands for World Trade Organisation. Theaim of this organisation is to conduct theinternational trade among member countries.

Page 11: Globalisation and the Indian Economy

Features of WTO Establishing rule based trading regime,

free from arbitrary restrictions of the countries.

Ensuring optimum utilisation of world resources

Protecting environment Promoting international trade by removal

of tariff and non-tariff barriers by providing greater market access to member countries

Page 12: Globalisation and the Indian Economy

Functions of WTO Administering WTO Trade Agreements Handling Trade Disputes Forum for Trade Negotiations Monitoring the National Trade Policies Technical Assistance and Training for

Developing Countries

Page 13: Globalisation and the Indian Economy

Barriers to Foreign Trade & Investment

Indian government put barriers to foreign trade

and foreign investment after independence on

account of the following reasons:- Self sufficiency Heavy investment Elimination of poverty and unemployment Control on core sectors

Page 14: Globalisation and the Indian Economy

Removal of Barriers to Foreign Trade & Investment

Indian government want to remove thesebarriers because foreign trade createscompetition which is beneficial for thecustomers And customer get goods at

cheaprate with better quality. Indian producers

canexport their goods in other countries

withoutany barrier and earn handsome profit.

Page 15: Globalisation and the Indian Economy

Technical TermsOutsourcing:- is the process of giving some internal

functions ofthe business to some outside vendor, who will take care of

thatparticular process to help the overall business objective.Call Centre:- is a part of BPO which specially deals in takingcustomer’s calls in case of inbound and making calls tocustomers in case of outbound.Multinational Companies (MNC):- is a company that owns

orcontrols production in more than one nation. Business Process Outstanding (BPO):- is an organisation

whichWorks on different processes of different companies to helpthem in reducing cost of operation and providing standard

andhigh quality service delivery.

Page 16: Globalisation and the Indian Economy

Technical TermsMRTP Act:- Monopoly and restricted trade practises act wasestablished in 1970 to regulate the competitive environmentamong companies.Multi-lateral Agreements:- are the agreements entered by groupof countries.Mixed Economy :- is a system in which private and public sectorwork together.International Monetary Fund (IMF) :- is an international financialinstitution that helps member nations to overcome the scarcityof foreign exchange.IT (Information Technology) Sector:- provides hardware,software, and other related services to companies based withinor outside the country.

Page 17: Globalisation and the Indian Economy

THANKS FOR WATCHING!!!Presented by Nazal Noushad X-B N.I.M.S DXB