socio cultural economic impact

Topics: India, Mobile phone, Bank Pages: 5 (1439 words) Published: September 12, 2014
Social, Cultural and Economic Impact of Globalization in India 79
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By premsingh

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Fatehpur Sikri

Socialization of people for improving business and financial activities across the globe can be referred as globalization. It is not a new phenomena as people kept searching new places and avenues to increase their business activities as evident by explorations of Vasco degama, Columbus and East India Company. Bitter experiences from East India Companies & British rule makes Indian little bit cautious for adventures of globalization. This has been the root cause for delay in liberalization in India. In literary terms, globalization has been defined in several ways as evident from definitions reproduced below. In the initial sense of the term, globalization refers to the spread of new forms of non-territorial social activity (Ruggie, 1993; Scholte, 2000). To make term more clear,Globalization has been defined as the process of rapid integration of countries and happening through greater foreign trade and foreign investment. In essence, it refers to increased possibilities for action between and among people in situations irrespective of geographical considerations as per the definition of social theorists. Developed countries have been trying to pursue developing countries to liberalize the trade and allow more flexibilities in business policies to provide equal opportunities to multinational firms in their domestic market. International Monetary Fund (IMF) and World Bank helped them in this endeavour. Liberalization began to hold its foot on barren lands of developing countries like India by means of reduction in excise duties on electronic goods in a fixed time frame. Indian government did the same and liberalized the trade and investment due to the pressure from World Trade Organization. Import duties were cut down phase-wise to allow MNC's operate in India on equality basis. As a result globalization has brought to India new technologies, new products and also the economic opportunities. Despite bureaucracy, lack of infrastructure, and an ambiguous policy framework that adversely impact MNCs operating in India, MNCs are looking at India in a big way, and are making huge investments to set up R&D centers in the country. India has made a lead over other growing economies for IT, business processing, and R&D investments. There has been both positive and negative impact of globalization on social and cultural values in India.There is no denying of the fact that globalization has brought cheers to people's life by opening new vistas of employment. It has also made inroads in the cultural heritage of this country. The web article "the impact of globalization on social and cultural values in India"describes it at length.

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Changes in social and cultural life:
· Access to television grew from 10% of the urban population (1991) to 75% of the urban population (1999). · Cable television and foreign movies became widely available for the first time and have acted as a catalyst in bulldozing the cultural boundaries. · All these technologies have changed perceptions and dreams of ordinary people. · Unmarried boys and girls are sharing same apartment and staying away from their parents. · Indian youths leaving education in mid-way and joining MNC's · There has been a increase in theviolence, particularly against women. · Scientific and technological innovations have made life quite comfortable, fast and enjoyable. · More availability of cheap and filthy material (CD's or DVD's of Hollywood movies, porn...

References: 1. Ruggie, John Gerard (1993), “Territoriality and Beyond: Problematizing Modernity in International Relations,” International Organization 47; 139-74.
2.Scholte, Jan Aart (2000), Globalization: A Critical Introduction (New York: St. Martin 's).
3. Stanford Encyclopedia.2002. Globalizationhttp: at
Acknowledgement: Most of the figures (Statistics) presented in this article have been gathered from the 10th ANNIVERSARY SPECIAL ISSUE of OUTLOOK Money published on July 30, 2008.
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