The process of globalization through liberalization and privatization policies has produced positive, as well as, negative results for India and other countries.” Defend or refute.
Solution:
The process of globalization through liberalization and privatization policies has produced positive, as well as, negative results for India and other countries. It has both kind of effects on India and other countries -
Positive Impact -
1. Increase in GDP growth - After globalization through liberalization and privatization policies the overall growth of economy is improved and it is clearly visible through risen GDP.
2. Inflation decreases - After globalisation through privatisation and liberalisation the demand and supply flow improves thus it reduces inflation rates.
Negative Impact-
1. Uneven distribution of wealth - The reforms were mainly in formal sector so uneven distribution of wealth is seen in economy.
2. Unable to generate employment- Though there are huge reforms and development is there but still it is unable to create that much employment in the market.
The process of globalization through liberalization and privatization policies has produced positive, as well as, negative results for India and other countries. It has both kind of effects on India and other countries -
Positive Impact -
1. Increase in GDP growth - After globalization through liberalization and privatization policies the overall growth of economy is improved and it is clearly visible through risen GDP.
2. Inflation decreases - After globalisation through privatisation and liberalisation the demand and supply flow improves thus it reduces inflation rates.
Negative Impact-
1. Uneven distribution of wealth - The reforms were mainly in formal sector so uneven distribution of wealth is seen in economy.
2. Unable to generate employment- Though there are huge reforms and development is there but still it is unable to create that much employment in the market.