Sakshi Education
By Srirangam Sriram, Sriram's IAS, New Delhi.
Since the end of the Second World War in 1945, developed markets were integrated but globalisation as a worldwide phenomenon began in the 1980s. Economy, technology and social exchange were promoted. Globalization has provided efficiency and economic growth through integrated national markets. Investment, growth, employment, purchasing power and social development increased in India. Government also saw its fiscal receipts grow and it spent on huge social interventions and public goods like right to education; MGNREGA, Health Missions, rural infrastructure and nutrition. Thus, globalisation caused development which brought with it social justice. All social groups received benefits though not equally.
However, since the 2008 global financial crisis, there have been shocks and setbacks. Rural unemployment grew. Wages did not go up significantly. Inflation hurt the poor particularly. Labour force participation rate of women dropped.
Thus, globalisation has helped India to register development but not evenly and not consistently.
However, since the 2008 global financial crisis, there have been shocks and setbacks. Rural unemployment grew. Wages did not go up significantly. Inflation hurt the poor particularly. Labour force participation rate of women dropped.
Thus, globalisation has helped India to register development but not evenly and not consistently.Published date : 21 Nov 2020 12:39PM
