SSC CGL DEST Previous Year – Globalisation & Its Impact

Globalisation is the process of increasing interconnectedness and interdependence among countries through the flow of goods, services, capital, technology, information and people across borders. The process has been accelerated by advances in transportation and communication technology, and by the liberalisation of trade and investment policies. Globalisation has brought significant benefits. It has expanded trade and investment, accelerated economic growth and created jobs in many countries. It has promoted the spread of technology, ideas and innovation. It has made a wider variety of goods and services available to consumers at lower prices. It has created opportunities for people to work and live in different parts of the world. However, globalisation has also been accompanied by significant challenges. It has led to the deindustrialisation of some developed countries as manufacturing has moved to countries with lower labour costs. It has increased economic inequality both within and between countries. It has made countries more vulnerable to economic shocks originating elsewhere in the world. It has led to the homogenisation of culture, threatening local traditions and ways of life. Environmental degradation has been exacerbated by the expansion of global supply chains. India has benefited significantly from globalisation. The liberalisation of the Indian economy in 1991 opened the country to foreign investment and trade, which has contributed to rapid economic growth. The information technology sector has been a major beneficiary, with Indian IT companies serving clients across the world and employing millions of skilled workers.