Explain the impact of globalisation on one developing economy that you have studied. - Leaving Cert Geography - Question 8B - 2022

Globalisation has had a profound impact on India's economy, especially in the areas of trade, investment, and employment.

Economic Growth

Globalisation has accelerated India's economic growth. The opening up of markets has led to an increase in foreign investments. Since the liberalisation policies initiated in the 1990s, India has attracted significant foreign direct investment (FDI), resulting in more capital and opportunities for business expansion.

Trade Opportunities

Globalisation has expanded India's trade opportunities. Indian goods and services are now competing in international markets, which has not only boosted exports but also provided consumers access to a variety of foreign products. For instance, India's IT sector has flourished, becoming a significant exporter of software services.

Job Creation

The influx of multinational corporations has led to job creation in various sectors, particularly in technology, manufacturing, and services. This has improved living standards for many and contributed to a growing middle class.

Socioeconomic Disparities

However, the impact of globalisation is not uniformly positive. While some sectors have thrived, others, especially in agriculture, have struggled to compete with imported goods. This has led to increased socioeconomic disparities within India, with rural areas often seeing less benefit compared to urban centers.

Cultural Impact

Globalisation has also brought cultural changes, influencing local traditions and lifestyles. While this has led to greater exposure to global culture, it has raised concerns about cultural erosion and identity loss.

In conclusion, globalisation has significantly transformed India's economy, driving growth and development while also presenting challenges that need to be addressed.