Developing Economy Examine the impact of globalisation on a developing economy that you have studied. - Leaving Cert Geography - Question B - 2013

One important impact of globalisation on India's economy is the increase in foreign direct investment (FDI).

Globalisation has led to significant economic transformations in India. Increased foreign direct investment has spurred economic growth by injecting capital, creating jobs, and fostering innovation.

FDI has been particularly notable in sectors such as information technology, telecommunications, and manufacturing. For instance, multinational corporations have established operations in India, benefiting from the country's skilled labor force and cost advantages. This has not only enhanced India's economic stature on a global scale but also created numerous employment opportunities domestically, contributing to poverty alleviation and improved living standards.

Moreover, globalisation has encouraged the development of infrastructure and has improved access to markets, enabling local businesses to compete internationally. However, this has also led to challenges, such as increased inequality and the risk of local industries being outcompeted by foreign companies. Hence, while globalisation offers numerous benefits, it is crucial to address its adverse effects to ensure sustainable economic development.