1) Introduction

Globalization, liberalization, and privatization are the three cardinal elements of Economic Policy (NEP) in India, taking into consideration globalization alone, is the increasing integration of the Indian economy with the world economy through the reduction of duties and export restrictions, promotion of foreign investment, and permission for foreign technology.[1]

The term "globalization" describes the increasing integration and connectivity of nations and their economies. A notion with a worldwide scope is globalization. It entails cross-border trade in products, services, information, and ideas. Innovations in communication, transportation, and technology enable the trade. The integration of economies, cultures, and societies has resulted from this phenomenon. It brings together individuals from all over the world. Opportunities for trade, cooperation, and cross-cultural exchange are brought about by globalization. Globalization has both advantages and disadvantages. It affects many facets of our lives as well as how nations communicate and work together in the modern world. Globalization has a great impact on a nation's development like politics, culture, economy, etc. Let's explore how it shapes a nation and contributes to its growth.

2) Political Impact of Globalization

Significant political effects of globalization have been seen in India. As a result, international collaboration and interdependence have grown.

Positives

India may now interact with other nations more diplomatically thanks to globalization. Increased collaboration, alliances, and diplomatic relations are the outcome of this. The facilitation brought about by globalization is the reason for the increased diplomatic involvement.

Trade and economic growth have expanded as a result of globalization. This has made it possible for Indian companies to grow internationally. Indian enterprises now have easier access to foreign investments.

With globalization, India has become increasingly influential on the geopolitical stage. India can now take part in international decision-making processes as a result.

Negatives

Losing sovereignty is a possible effect of globalization. Policies that restrict a country's ability to make decisions may be imposed by international organizations and agreements. Political control may be lost as a result of this.

India may become economically dependent on other nations as a result of its integration into the world economy. India's capacity for political autonomy and decision-making may be impacted by this.

The income disparity can get worse due to globalization. Political instability and societal unrest may result from this.

Skilled people leaving India in search of better chances outside is known as brain drain. This may reduce the pool of talent in the nation. Economic and political advancement may be hampered by brain drain.

3) The Economical Impact of Globalization

The effects of globalization on the Indian economy are numerous and profound. Trading and investing have more alternatives currently. The effect of this is growth in the economy. Moreover, employment is increasing. Joining the global economy has several advantages for India. One benefit is a surge in foreign direct investment (FDI). A further benefit is the advancement of technology. As a consequence of the integration, India's industries have expanded. Because of globalization, there is now more rivalry and a need to follow international standards.

Positives

• Increasing Foreign Direct Investment (FDI), because of globalization there is a drastic increase in both job opportunities and the economy of the country
• The market for India has increased to the international arena because of globalization, bringing more customers.
• Technological Developments - The rapid transfer of advanced technology has aided productivity and innovation in several fields.
• Due to MNC expansion in India, jobs have been created. As a result, unemployment rates have dropped and livelihoods have improved.

Negatives

• Unequal economic development is one of the most direct consequences of globalization. Some sectors and areas are receiving greater benefits and some are going down the hill. As a result, there are now gaps in income and wealth between the rich and the poor.

• For better opportunities, employees are being displaced from one place to another, disturbing the equilibrium.
• Exposure to worldwide economic shocks - The interdependence of the Indian economy with international markets has rendered it more susceptible. Variations could have detrimental effects on the Indian economy. Financial crises, disruptions in commerce, or changes in the price of commodities globally can all cause volatility. The event has caused a situation of unpredictability and slowing down. [2]

4) Cultural Impact of Globalization

Local cultures around the world have been impacted by better economic conditions, greater respect for human rights, unparalleled mobility, and cross-national interaction. Due to the effects of globalization, such as the transnational workforce and large-scale immigration, diverse cultures are spreading throughout many nations, creating a single global culture that combines elements of several regional cultures. In terms of social ideals, aspirations, attitudes, and lifestyles, people all over the world are becoming more and more alike. The meaning of human life is being redefined together with the local culture, spiritual practices, and fundamental social ideals. The shifting of people's perspectives and lifestyles is entirely the result of globalization.[3]

Positive

• There is a resurgence of interest in Indian cultural heritage because of globalization. Traditional crafts and art forms are being promoted and preserved for the tourists and for the citizens to know about their culture, we call this a "cultural revival."
• India's development of mixed cultural identities has been influenced by globalization, combining global influences with traditional beliefs. Globalization is the cause of this merging.
• Due to globalization, India is experiencing a huge tourist influx from around the world. Tourists are now taking an interest in Indian customs, dance, music, food, etc., and have become more and more well-known throughout the world.
• The diffusion of Western ideas has spread like wildfire because of globalization. along with Western culture, western education and methods of lifestyle are being adopted by numerous people.

Negatives

• Western culture has spread due to globalization. As a result, native customs and languages have disappeared. Globalization has had a detrimental effect on cultural variety.
• Popular culture and international media have taken center stage. Preferences for Western cuisine, dress, and entertainment have changed as a result. Indian traditional cultural expressions have taken a backseat.
• When customs, handicrafts, and traditional art forms are commercialized, it is known as cultural commodification. They may lose their original cultural significance as a result. It occurs when individuals view these items as goods that can be purchased and traded. Its significance as a component of the culture will only diminish.
• Globalized knowledge systems pose a threat to indigenous knowledge. Local knowledge is the foundation of traditional knowledge systems and behaviors. The loss of important cultural knowledge could result from the marginalization of indigenous knowledge. With globalization came new lifestyles and thought patterns. These novel approaches may differ from customary ones.

5) Conclusion

Globalization has many positive impacts but the biggest negative of it is the impact it has on climate. With globalization comes industrialization and factories which take up a lot of land and for that a lot of forests are being uprooted. The development brings better housing facilities, the latest infrastructure, and a better scope of transportation. With all these effects one can't be sure of whether globalization has a greater good or bad.

6) Citations

1) "GLOBALISATION AND ITS IMPACT ON INDIAN SOCIETY", JSTOR, available at: https://www.jstor.org/stable/41856193?seq=1 (last visited on December 25, 2023).

2) Globalization: Meaning, Causes Impact on India! Available at: https://testbook.com/iaspreparation/globalisation#:~:text=Globalization%20has%20had%20significant%20political,and%20challenges%20due%20to%20globalization.

3) Pieterse, Jan N "Globalization and culture", (2003).