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What is Globalisation?
The term globalization refers to the process of integrating various economics of the world. It avoids obstacles to the free flow of goods and services, technology, capital and labour.
1. Reduction of tariff barriers to permit free flow of goods and services among countries. 2. Creation of environment for free flow of capital among countries. 3. Creation of environment for free flow of technology, and 4. Creation environment for free mobility of labour among countries.
GLOBALISATION IN INDIA
Opening the Indian economy to foreign direct investment Removing constraints and obstacles to the entry of MNCs Allowing Indian companies to enter into foreign collaborations Carrying out massive import liberalization programmes
Shift from import substitution to export led growth strategy Foreign Capital Inflows Globalization and Transfer of Technology Increased Market Access Faster Economic Growth and Poverty Reduction Employment Argument
Globalization Strategies
i. Convertibility of the Rupee ii. Import Liberalization iii. Opening the economy to foreign capital iv. Exporting v. Mergers and Acquisitions vi. Joint Ventures vii. Licensing and Franchising viii. Strategic Alliance ix. Management Contract
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