Passage 1: Understanding Globalisation
Globalisation refers to the process of increasing interconnectedness and interdependence among countries. It involves the exchange of goods, services, information, and culture across borders. In recent decades, globalisation has had a significant impact on the Indian economy. With the liberalisation policies introduced in the 1990s, India opened its markets to foreign companies and investments. This led to an influx of international businesses, creating job opportunities and boosting economic growth. Consumers in India gained access to a variety of products from around the world, enhancing their choices and improving their quality of life.
Questions and Answers:
Question 1: What is globalisation?
Answer: Globalisation is the process of increasing interconnectedness and interdependence among countries.
Question 2: How has globalisation impacted the Indian economy?
Answer: Globalisation has led to the opening of markets, attracting foreign companies and investments, which created job opportunities and boosted economic growth.
Question 3: When did India start implementing liberalisation policies?
Answer: India started implementing liberalisation policies in the 1990s.
Question 4: What benefit did consumers in India experience due to globalisation?
Answer: Consumers in India gained access to a variety of products from around the world, enhancing their choices.
Question 5: How did globalisation improve the quality of life for people in India?
Answer: Globalisation improved the quality of life by providing access to diverse products and services.
Passage 2: The Challenges of Globalisation
While globalisation has brought many benefits to the Indian economy, it has also posed challenges. One major challenge is the increased competition faced by local businesses. Many small-scale industries struggle to compete with large multinational companies that can offer lower prices due to economies of scale. Additionally, globalisation can lead to job losses in certain sectors, as companies may relocate to countries with cheaper labor. There are also concerns about cultural homogenisation, where local traditions and customs may be overshadowed by foreign influences. Balancing the advantages and disadvantages of globalisation is essential for sustainable development in India.
Questions and Answers:
Question 1: What is one major challenge of globalisation for local businesses?
Answer: One major challenge is increased competition from large multinational companies.
Question 2: How can globalisation lead to job losses?
Answer: Globalisation can lead to job losses if companies relocate to countries with cheaper labor.
Question 3: What is cultural homogenisation?
Answer: Cultural homogenisation is when local traditions and customs are overshadowed by foreign influences.
Question 4: Why is it important to balance the advantages and disadvantages of globalisation?
Answer: Balancing the advantages and disadvantages of globalisation is essential for sustainable development in India.
Question 5: What effect can competition from multinational companies have on small-scale industries?
Answer: Competition can make it difficult for small-scale industries to survive and thrive.
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