IMPACT OF GLOBALIZATION ON VARIOUS BUSINESS SECTORS IN INDIA

Abstract

Globalization is a generally characterized word today utilized in each circle of life be it economy, business the executives training. The world of today has shrunk into a small global village. People are affected by what is happening and how it is changing the world. Innovation is the vitally main thrust in the globalization, the new development data innovation affects the economies of the world and transformed them radically in beyond twenty years. Because of globalization we have open economies around the world, nations like China have additionally cleared a path for exchange to the world and they are thriving. Countries like India and Pakistan have benefited from international cooperation and peace thanks to globalization. Even farmers have benefited from globalization—they now get a better price for their products and a higher yield. In many parts of India, potato, tomato, and ketchup producers have worked together with chip manufacturers. For their mangoes, spices, flowers, vegetables, fruits, tobacco, and pappads, Indian farmers now have access to international markets. This paper explains how globalization has reduced transportation costs, reduced or eliminated control over the capital market, established free trade zones by reducing or eliminating tariff payments in some cases, and made it easier for goods and people to travel to other countries. This has made tourism one of the fastest-growing industries. The likelihood of war between nations has decreased, and individuals and businesses can now communicate with one another. However, even after all of this has taken place as a result of globalization, the topic remains highly contentious. Many people contend that globalization has contributed to the exploitation of laborers from poor countries, the spread of deadly diseases like cancer and HIV, the depletion of the ozone layer, pollution of the earth, the extinction of species that already exist, and drug use, among other things.