Globalisation and the Indian Economy Test - 16

At present, there are 610 District Forums, 35 State Commissions with apex body as a National Consumer Disputes Redressal Commission (NCDRC) having its office at Janpath Bhawan, A Wing, 5th Floor, Janpath, New Delhi .

Globalisation is the integration of economies, industries, markets, cultures and policy-making around the world. Globalisation describes a process by which national and regional economies, societies, and cultures have become integrated through the global network of trade, communication, immigration and transportation.

Globalisation's impact is not uniform either for the people of developed or developing countries.

 Globalisation is the process of rapid integration or interconnection between countries. MNCs are playing a major role in the globalisation process. More and more goods and services, investments and technology are moving between countries.  

Positive impact of globalisation:-

• Greater competition among producers resulting from Globalisation is a great advantage to consumers as there is greater choice before them.
• Due to globalisation many MNCs have increased their investments in India.
• Local companies supplying raw materials, to these industries have prospered.

The reason for improvement or change in technology is globalisation. Process of integrating domestic economy with world economy is called globalisation. Globalisation enables exchange of social, cultural, technological ideas across the borders. Its effects include access to technology, growth of international trade, increased employment opportunities, free flow of foreign capital etc.

Removing all governmental rules and regulations which hinder the economy and making it a free economy is known as liberalization.

Process of integrating domestic economy with world economy is called globalisation. Globalisation enables exchange of social, cultural, technological ideas across the borders. Its effects include access to technology, growth of international trade, increased employment opportunities, free flow of foreign capital etc.

Foreign technology agreement in India refers to the growth of technology in the Indian Industries through primary transfer of technology by the means of government approval or through automatic route delegated by the central bank. Apparently only 48 industries are listed in the priority list who are supplied with direct technical support and assistance.