How has globalization impacted India's economy and society
Explain the impact of globalization on the Indian economy and society, and the measures taken by the Indian government to address the challenges that arise due to globalization.
- Increased foreign investment and trade: With the opening up of the Indian economy, there has been an increase in foreign investment and trade, leading to a growth in GDP and job opportunities.
- Increased competition: Globalization has led to increased competition in the Indian market, which has both positive and negative impacts on local businesses.
- Rising inequality: Globalization has led to income inequality, with the benefits of economic growth not being distributed equally.
- Environmental degradation: The growth in industry and manufacturing has also led to environmental degradation.
- Measures taken by the Indian government: The Indian government has taken measures to address the challenges arising due to globalization. This includes policies to encourage small and medium enterprises (SMEs), investment in infrastructure and technology, and measures to protect the environment.
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