How do we feel the impact of globalization on our daily life? Explain with examples.

Explanation

Globalization has had both a positive as well as a negative effect.
1. People with education, skill and wealth have benefitted by globalization.
(i) Greater competition among producers (both local and foreign) has been advantageous to consumers, particularly the well-off section. Rich people enjoy improved quality at lower prices for several products and enjoy a higher standard of living.
(ii) MNCs have increased their investments in India over the past 20 years in industries such as cell phones, automobiles, electronics, soft drinks, fast food and services such as banking.
(iii) New jobs have been created in all these industries and services.
(iv) Top Indian companies have benefitted from the increased competition. They have invested in newer technology and production methods.
(v) Some Indian companies have gained from successful collaborations with foreign companies. Globalization has enabled some companies to emerge as multinationals.
2. However, globalization has not been uniform among producers and workers.
(i) Globalization has posed a major challenge for a large number of small producers and workers. Small manufacturers have been hit hard due to competition causing many · industrial units to shut down, rendering many workers jobless in small industries.
(The small industries in India employ 20 million workers.)
(ii) Due to the pressure of competition, most employers do not employ workers on a permanent basis, to avoid paying for the whole year.
(iii) Workers. jobs are not secure any more, wages are low and they are forced to work overtime to earn adequate money.
(iv) In order to cut costs of products for the benefit of MNCs employers in industries such as garment exports, pay very low wages to workers.
Hence, there is a need for .fair globalization which will ensure that the benefits of globalization are shared better in a more equitable manner.