(ii) Globalisation paves the way for removing inefficiency in production system.Prolonged protective scenario in the absence of globalisation makes the production system careless about cost effectiveness which can be attained by following the policy of globalisation.
(ii) Globalisation paves the way for removing inefficiency in production system.Prolonged protective scenario in the absence of globalisation makes the production system careless about cost effectiveness which can be attained by following the policy of globalisation.Tags: Brutus Vs Cassius EssayWhat Person Should A Research Paper Be Written InStonewall Jackson EssayPeriodic Table Assignment AnswersBusiness Finance AssignmentEcclesiastes Essay Topic
It results breaking of national barriers and creation of inter-connectedness.
Globalisation is a composite process through which integration of nation-states across the world can be made by common economic, commercial, political, cultural and technological ties.
Following the same path India had also adopted the same policy since 1991 and started the process of dismantling trade barriers along with abolishing quantitative restrictions (QRs) phase-wise.
Accordingly, the Government of India has been reducing the peak rate of customs duty in its subsequent budgets and removed QRs on the remaining 715 items in the EXIM Policy 2001-2002.
Globalisation originates from developed countries and MNCs based in those countries.
Technologies, capital, products and services are allowed to enter from developed countries to developing countries.(iii) Globalisation attracts entry of foreign capital along with foreign updated technology which improves the quality of production.(iv) Globalisation usually restructures production and trade pattern favouring labour-intensive goods and labour intensive techniques as well as expansion of trade in services.All these have resulted in open access to new markets and new technology for the country.Main features of globalisation are as follows: Globalisation makes way for the freedom of the industrialist/businessman to establish industry, trade or commerce either in his country or abroad; free exchange of capital goods, service and technologies between countries.Under globalisation, localities being connected with the world by breaking national boundaries; forging of links between one society and another and between one country and another through international transmission of knowledge, technology, ideas, information, literature and culture.Globalisation makes way for establishing ‘borderless globe’, the ideal of which was articulated by Kemichi Ohmae.One of the important characteristics of globalisation is free trade between counties.It also means absence of excessive governmental control over trade. Thus the globalisation of the economy simply indicates interaction of the country relating to production, trading and financial transactions with the developed industrialized countries of the world. By the term globalisation we mean opening up of the economy for world market by attaining international competitiveness.