The essay should be easy to read and understand. Using tough words or difficult phrases may impress a few but can confuse many others. So we have written a simple Essay on ‘Impact of Globalization on India’.
Essay – Impact of Globalization on India
India can be classified as a developing country. It has grown steadily over the last decade or so to become the 18th largest economy in the world (as in total GDP) “It has a population over a billion, with more than 30% of its people living under the poverty line.
Over the years it has become one of the fastest-growing economies in the world promoting economic growth and development. The Indian government is highly focused on bringing changes to the economy and promoting high economic growth. Realizing the potential of the world market and foreign investors the government has set up numerous policies, which promote investment and provide incentives to foreign and local investors.
There are tax exemptions for fifteen years for units in infrastructure and core sectors. This tax exemption will attract more investors to invest their funds in infrastructure and core sectors, promoting economic growth and benefiting many other businesses and consumers through the flow-on effects of improved infrastructure. There will also be high employment (of skilled and unskilled labor) and better living standards, which contributes to economic development.
Venture capital is made simpler. This will allow small businesses to get started quicker and easier and made simpler is likely to suggest the cut down of red tape to allow easy access into the market. This contributes to economic growth and creates employment and greater competition and consumer choice. It will also attract higher direct foreign investment, which is a great benefit for the nation, especially at troubled periods.
Long-term capital gains tax capped at 10% for all. This would mean more people would invest in shares, which encourages businesses to expand and employment would increase. The value of the businesses will also increase because shareholders are likely to prefer capital over time rather than instant returns. The business can now invest the profits to increase its value. This will. of course, contribute to the economy.
IT is given special status. The reason for this is because the Indian government wants to promote its nation as a technologically advanced nation and in order to do this they must stimulate the IT sector. The “special status” means the sector and investors will receive many benefits and incentives from the government to do so.
Globalization Essay Today’s economic trend can be summed up in only three words – privatization, liberalization, and globalization. Will this trend harm the national interest of the poorer nations? In the changed economic scenario where the GATT is a moot question. Treaty was signed and accepted by most of the nations, the questions of globalization …