We can say it as open market. The advantages of open market as follows :-
- Huge growth market
- Cost advantage
- Be closer to customer
- Government policies
- People advantage
India has grown a lot, after the globalization. It has a consumer base of 1.14 billion people. India is the 3rd largest global telecom market. And it has a tremendous growth of shopping malls by 2010 and 715 malls by 2015. It has placed 2nd place in the two-wheeler market, 4th largest commercial vehicle market, 11th largest passenger car market.
And in future, they are to be expected to be the 7th largest automobile market by 2016. This growth has an impact in culture and technological factors also. The growth of Television in the urban market has been increased from 20% to 90% in the last ten years. Internet facility is at door steps, every house has that. And the best industry, which grown in the globalization, is the hotels and restaurants in the urban areas of India. Telecommunication and software Industries are booming in India.
If we talk about the Agricultural industry, agriculture acquired 17% of India’s GDP in 2008. 60% of population still depends on agriculture for their livelihood. India currently accounts for 1.2% of World Trade as of 2006 according to the WTO. Until the liberalization of 1991, India was largely and internationally isolated from the world markets.
It has so many difficulties. Our culture is being affected. We lost our own culture. As because of the globalization, other cultures are playing dominant role in our country. The cultures which have more economic growth, started depends on our people. The difficulty of competition has a significant negative impact.
The commission agents in between are playing a dominant role in the global market. And lot of unfair practices are happening. As the foreign markets have placed their high end hands here, the production has been decreased a lot, people started facing unemployment issues all over the country. Best Example, the Tirupur knitting factories, faces a lot of difficulties, because of that. Earlier, Tirupur was the one place which was doing a big number of exports, but now it is reverse. As in Coimbatore, the mall cultures have been spread out, people started buying from there. The production has been decreased a lot. Lot of people lost their jobs.
As the global community started to increase, more people are ignorant about social, ethical and moral values . Simply to earn money, they are doing anything, for any extent. Humanity gone. Instead of increasing the production, the globalization has introduced lot of machines, which actually made the labourers to lose their jobs. It causes poor citizens with lot of requirements. The imbalance has been created in the society.
Though , it has the negative impacts such as, unemployment, social degeneration and the competition difficulty, it has some positive aspects as such, it is helping in the Nation’s development. The people’s standard of living is high because of the Globalization.