Globalization has virtually diminished the distances and connected the whole world. Read here to know the effect of globalization on Indian society.
Globalization is a term used to describe how trade and technology have made the world a more connected and interdependent place. Globalization also captures in its scope the economic and social changes that have come about as a result.
In today’s world, consumers have a wide choice of goods and services before them. The latest models of digital cameras, mobile phones, and televisions made by the leading manufacturers of the world are within the reach. Every season, new models of automobiles can be seen on Indian roads. Gone are the days when Ambassador and Fiat were the only cars on Indian roads.
Today, Indians are buying cars produced by nearly all the top companies in the world. A similar explosion of brands can be seen for many other goods: from shirts to televisions to processed fruit juices. Such a wide-ranging choice of goods in our markets is a relatively recent phenomenon.
One wouldn’t have found such a wide variety of goods in Indian markets two decades back. In a matter of years, our markets have been transformed! How do we understand these rapid transformations? What are the factors that brought about these changes? And, how did these changes affect the lives of the people? The answer to all these questions starts with ‘globalization’.
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