NCERT Solutions for Class 10 Social Science History Chapter 4
Social Science Class 10 Economics
Globalisation and the Indian Economy 4
Important NCERT Questions Based on new NCERT Books for Session 2022-2023
Questions No: 10
Supposing you find two people arguing: One is saying globalisation has hurt our country’s development. The other is telling, globalisation is helping India develop. How would you respond to these arguments?
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Benefits of globalisation of India are as follows:
•Increase in the production resulting in higher volume of trade in goods and services
• Improvement in the flow of private and foreign capital.
• Increase the volume of output, income, and employment with better export orientation.
• More number of foreign direct investments and more investment opportunities.
• Helps in developing and strengthening the domestic economy of India.
• Healthy competition among traders and boost to the economic development.
Negative Impact/Fears of Globalisation on Indian economy:
• It may be short termed and may not help in achieving constant growth required for sustainable development.
• It may widen the gap of income inequalities among people of the country.
• It operates mostly in the interest of rich countries and these countries dominate the world trade.
• It may increase the dependence of the underdeveloped countries on developed country for production of goods which has adverse effect on local economies.
Whatever may be the fears of globalisation, I feel that it has now become a process which is catching the fancy of more and more nations. Therefore, we must become ready to accept globalisation with grace and also maximize economic gains from the world market.
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Argument 1: Globalization has hurt our country’s development.
– Reasons: Sometimes globalization causes problems:
– Job Loss: When companies face competition from other countries, some local workers might lose their jobs.
– Inequality: Not everyone benefits equally. Some get richer, while others struggle more, creating differences between rich and poor.
– Cultural Changes: Globalization might impact local traditions and culture as more global trends become popular.
Argument 2: Globalization is helping India develop.
– Reasons: Globalization also brings many good things:
– Economic Growth: It helps businesses grow, trade more, and make India wealthier.
– New Ideas and Technology: India gets new technologies and ideas from other countries, helping in progress.
– Job Opportunities: While some jobs might be affected, new jobs in areas like technology and services are created.
Summary:
Globalization has positives and negatives. It’s helped India grow economically and get new ideas and technologies. But it’s also caused job losses and changes in culture. To make the best of globalization, India needs to create policies that help people who might lose jobs, ensure fair opportunities for everyone, and protect its unique culture. This way, India can benefit from globalization while managing its challenges for overall development.