IS GLOBALIZATION REALLY NECESSARY FOR A DEVELOPING COUNTRY ?
Yes Globalization is necessary, for an economy to grow. Globalization refers to the integration of economic, technological, socio-political factors with the world. And with globalization, with the mutual co-operation and assistance - particularly with reference to the law of comparative advantage- it is going to be beneficial. Globalization also helps reducing the poverty level in the country-there are plenty of evidences and record to support it.
Developing countries specially require globalization. Because Indians are very rich in resources of skilled manpower.So Other countries are interested to invest in India. We don't have that much funds/money to make very huge industries or developments. There is no shame to invite other countries for investing.lot of advantages are there..employment,infrastructure development,tourism , foreign exchange and etc..Even America would be nowhere if globalization was an imaginary concept never put forward.
Half the world's countries would be reeling in depression right now if not for globalization. For example, petroleum, most countries are USING their entire reserves and some countries don't have it at all. Seeing this if not for globalization the entire world would be left crippled due to the massive energy crisis facing them. ....While globalization is necessary it is not sufficient to ensure communities gain from globalization. To keep and spread the gains,government must not only reduce barriers to trade and investment, they must also get domestic policies right....
However the evidence is very convincing that developing countries that globalise grow and reduce poverty level faster than those that do not..on average about 4 times faster, than inward looking economies' output.
I conclude by saying that Globalization has its pros and cons. But it cannot be denied that the impact it has had on our country has been positive. It has helped Indian companies to become more competitive and ensured survival of the fittest. Though, policies should be framed to protect the interest of consumers and there should be restraint in opening the market at least in some sectors.
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