Globalization incorporates a huge impact on various aspects of people’s lives such as culture, social-economic, political, and community life. Ample theoretical studies proved that globalization intervenes in a cultural life of public that raises numerous critical issues (Robertson, 1992). In a broad sense, the term ‘globalization’ means a blend of economies and societies through cross country flows of information, evidence, thoughts, technologies, goods, services, wealth, finance, and people and thus this is the definition of the term Globalization.
Impact on Economy:
Since its integration into the global economy in 1991 India’s economy has grown radically and this has a drastic impact on India’s economic condition. From 3.5% (1950–1980) to 7.7% (2002–2012) and this rate peaked in 2005–2008 with 9.5% the average annual rate of growth of the Indian economy has increased. From $1,255 in 1978 to $3,452 in 2005 to $33,600 in 2016 the economic process has also led to increasing per capita and gross domestic product (GDP) respectively.
Globalization produces a worldwide economy, which is restructured by the rapid increase in global trade. This impacts economic growth domestically and internationally. To improve the domestic and global economies and increase sustainability the government should support globalization initiatives.
Impact on Health:
Another neglected sector in India is public health. India has one of the lowest ratios of the public to private health expenditure in the world. The infant mortality rate for the richest 20% of the population is only 38 per 1000 live births, while the rate for the poorest 20% is 97 per 1000. It is common for outbreaks of contagious diseases like human immunodeficiency virus/acquired immunodeficiency syndrome (HIV/AIDS) and malaria to occur in an unhygienic place and the rate of epidemics among the Indian poor is increasing
Technological and Cultural impact of globalization in India:
With the process of globalization, the access to television industry grew from 20% of the urban population as of 1991 to 90% of the urban population in 2009 and by 2021, the industry will reach Rs. 35 trillion. Satellite television has a grown-up market and has picked up the pace even in the rural area. Internet facility is ubiquitous since the late ’90s and has now extended internet facilities even to rural areas. Today in the urban areas of India there is an increase of global food chain /restaurants, there are excessive Multiplex movie halls, big shopping malls, high rise residential are seen in every part of the city and this has impacted the lifestyle changes among masses in the country to a very large extent. Entertainment sector in India has a global market and after economic liberalization, the industry began to discover new ways to become more global and modern thus Bollywood extended its arms and showed a major presence in the global gauge. Modernity is observed with the Western values in India and therefore, Western philosophy began to be incorporated into Bollywood films. Indian moviegoers were hard-pressed to re-evaluate their traditional Indian cultural ideology when these new cultural messages began to reach the Indian population via the media. Bollywood movies are also distributed and accepted at international level thus big international companies like the Walt Disney, 20th Century Fox, and Columbia Pictures are now financing on this sector in India. With the changing of fashion statement of Indians numerous Famous International brands such as Armani, Gucci, Nike, and Omega are investing in the Indian market.
There are 3 types of cultural impacts on Globalization:
- Harmonization-Cultural integration, adoption of other culture
- Homogenisation– Local culture changed by foreign culture, accepting the one culture.
- Hegemonization – Domination of one culture
Impact on Employment:
It is generally supposed that liberalisation and globalisation had a hostile effect on the growth of employment. Unusual status, weekly status and daily status are the three unemployment rates, based on National Sample Survey, increased in 1993-94 to 2004-05 whereas they had declined earlier.
But as labour force grew at a higher rate of 2.84% per annum than the growth in employment during this period the population of unemployed people also began to increase based on current daily status (CDS) from 7.3% in 1999-2000 to 8.3% in 2004-05. For the years 2009-10 and 2011-12 unemployment rate on current daily status (CDS) basis fell to 6.6% and 5.6% of labour force respectively in the NSS. Unemployment in India is on the rise and it currently stands at 3.5% in 2018 and 2019 according to the International Labour Organization which is higher than the years 2017 and 2016 where it was 3.4%.
To summarize, the course of globalization in India has changed the industrial pattern social life of global people and it has an immense impact on Indian trade system. Globalisation is an incredibly old process, and this has been happening in sectors such as economic, social and cultural structures since civilization began. Earlier, the pace of process was slow but today with advancements in the field information technology, new ways of communication has made the world a small global village. With this process, there is a big marketplace which has resulted in a surge in the production rates of goods and services manufactured. Indian MNCs have established manufacturing plants all over the world and it has positive effects for the country as we are overcoming many obstacles and are rapidly adopting global policies to expand business at an international scale. India is gaining international recognition and strengthening its economic and political roots across the globe.