RBSE Class 10 Social Science Notes Economics Chapter 4 Globalisation and the Indian Economy

These comprehensive RBSE Class 10 Social Science Notes Economics Chapter 4 Globalisation and the Indian Economy will give a brief overview of all the concepts.

RBSE Class 10 Social Science Notes Economics Chapter 4 Globalisation and the Indian Economy

→ Indian market has changed completely since last few years. In today’s world as consumers we have a wide choice of goods and services before us. Globalisation is the main reason for the same.

→ Production Across Countries:
Until the middle of the twentieth century; India exported raw materials and food stuff and imported finished goods. MNCs goods are globally produced and sold in organised ways.

→ Interlinking Production Across Countries:
MNCs produce goods and services in those areas where cost of production is less. Investment made by MNCs is called foreign investment which can take place in different ways. Due to MNCs the production in widely dispersed locations is interlinked.

→ Foreign trade and Integration of Markets:
Foreign trade has been the main channel for connecting countries. Foreign trade creates an opportunity for the producers to reach beyond the domestic markets. Foreign trade thus results in connecting the markets or integration of markets of different countries.

→ What is Globalisation ? Globalisation is the process of rapid integration or interconnection among countries. At present MNCs are playing an important role in the process of globalisation.

→ Factors that have enabled Globalisation:
Rapid improvement in technology has been one major factor of globalisation process. Except technology the developments in information and communication technology has played a major role in spreading out production of services across countries.

→ Liberalisation of Foreign Trade and Foreign Investment Policy:
Due to policies adopted in 1991, Indian economy have been opened and barriers on foreign trade and foreign investment were removed to a large extent. Removing restrictions or barriers setup by government from foreign trade and foreign investment is known as liberalisation.

→ World Trade Organisation:
World trade organisation is one such organisation whose aim is to liberalise international trade. WTO establishes rules regarding international trade.

→ Impact of Globalisation in India:
In India consumers are now enjoying improved quality and lower prices for several products. Foreign investment in various sectors has increased. Due to introduction of modem technology the competition capability of Indian companies has increased. For a large number of small producers and workers globalisation has posed major challenges.

→ The Struggle for a Fair Globalisation:
Everyone has not been benefitted from globalisation. So there is need to make globalisation "fair’. At the time of globalisation, people’s interest should be protected by government.