Chapter 4

NCERT
Class 10
Economics
Solutions
10. Supposing you find two people arguing: One is saying globalisation has hurt our country’s development. The other is telling, globalisation is helping India develop. How would you respond to these arguments?

Question:

Supposing you find two people arguing: One is saying globalisation hashurt our country’s development. The other is telling, globalisation ishelping India develop. How would you respond to these arguments?

Answer:

Globalization has had a profound impact on the Indian economy. This effect has been positive as well as negative. That's why some people believe that globalization has helped India's development and some people believe that globalization has harmed India's development. People have got new and advanced technology items and better employment opportunities. The standard of living of the people has improved, but this development has remained uneven, that is, it has benefited big industrialists, educated and rich producers and rich consumers, but has harmed small industrialists, workers like Sushila and developing countries. Increasing competition due to globalization has almost destroyed many small scale and cottage industries in India. In labor laws, there has been a lot of flexibility due to globalization which has made employment of people uncertain.

Now that globalization is a mandatory option, there is a need for the government to make globalization more equitable and universal so that itsbenefits are not limited to a few. The government should make small industrialists capable of foreign competition by giving loans at cheap rates and better electricity facilities. Developing countries should also put pressure on developed countries to liberalize their trade and investment.

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