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Impact of Globalization in Different Sectors of Commerce in India

Author

Listed:
  • Dr. Raj Kumar Verma

    (Commerce Teacher, C. A. B. Inter College, Meerut)

Abstract

Globalization is a widely defined word today used in every sphere of life be it economy, commerce management education. Today the world has shrunk and become a small global village. People are eager to know what is happening and changing the world, and are effected by it. Technology is the main driving force in the globalization, the new advance information technology has made a lot of impact on the economies of the world and changed them drastically in past two decades. Due to globalization we have open economies world wide, countries like China have also opened their gates for trade to the world and they are flourishing. Globalization has helped in promoting international cooperation and peace cases like India and Pakistan. Even the farmer have benefited from globalization-now they have increased yield and are getting better price for their product, in many parts of country like India the cultivators of potato, tomato have collaborated with ketchup, and chips makers. Now Indian farmers have international market for their mangoes, spices flowers, vegetables, fruits tobacco and pappads. This paper tells us how globalization has reduced cost of transport, decreased or abolished the control over capital market, formed free zones for caring out trade due to reducing payment of tariff or no tariff payment in some cases so goods and people can now travel easily to other countries, which has opened and helped in flourishing tourism it has become one of the booming industry. Possibilities of wars have decreased between the countries, communication has developed between the individuals and the corporation. But even after all this happening due to globalization it is a deeply controversial, many argue that globalization is exploiting the poor nations and its people even their markets, it has helped in exploiting the labourers from poor country, deadliest of disease like cancer and HIV is spreading, depleting ozone layer polluting the earth, killing already existence species, uses of drugs etc.

Suggested Citation

  • Dr. Raj Kumar Verma, 2012. "Impact of Globalization in Different Sectors of Commerce in India," Journal of Commerce and Trade, Society for Advanced Management Studies, vol. 7(1), pages 23-27, April.
  • Handle: RePEc:jct:journl:v:7:y:2012:i:1:p:23-27
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    File URL: http://www.jctindia.org/v-7-i-1-april-2012/april-12-v-7-i-1-jct-4.pdf
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    More about this item

    Keywords

    Globalization; LPG; Rural Agricultural Marketing; Leadership;

    JEL classification:

    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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