Globalisation and the Indian Economy Class 10 Notes | Economics Chapter 4 Class 10 Notes

 Globalisation and the Indian Economy Class 10 Notes | Economics Chapter 4 Class 10 Notes. On this page, you can view notes for Globalisation and the Indian Economy Class 10 Notes | Economics Chapter 4 Class 10 Notes.

Globalisation and the Indian Economy Class 10 Notes

Production across Countries

Trade was the main Channel connecting distant countries . Large companies which are now called MNCs and Multinational Corporations play a major role in trade.

An MNC is a Company that owns or Controls production in more than one nation. MNCs set up offices and factories for production in regions where they can get cheap labour and Other resources so that the company can Earn high profits.

Inter-linking Production across Countries

The money that is spent to buy assets such as land, building, machines, and other equipment is called "investment".

Investments made by MNCs are Exerting a strong influence on production at these distant locations. As a result production in these widely dispersed locations is getting interlinked.

There are a variety of ways as mentioned below, in which MNCs are spreading their production and interacting with local producers in various countries across the Globe.

(1) By setting up partnerships with local companies

(2) By using the local companies for supplies

(3) By Closely Competing with the local companies on buying them up

MNCs set up production jointly with local companies which benefits local Companies in the following ways

1 First, MNCs can provide money for additional investments like buying new machines for faster production.

2 Second , MNCs might bring with them the latest technology for production

Foreign Trade And Integration of Markets

Foreign trade Creates an opportunity for the producers to reach beyond the domestic markets .

Producers can sell their products not only in markets located within the country but can also compete in markets located in other countries of the world.

Similarly, buyers have the options to choose among various goods beyond domestically produced goods.

Thus foreign trade results in connecting the markets or integration of markets in different countries.

What is Globalisation?

Globalisation is the process of rapid integration 012 Interconnection of countries . MNCs are playing a major role in the Globalisation process.

More and more goods and services, investments, and technology are moving between Countries.

There is one more way in which the countries can be connected. This is through the movement of people between countries.

Technology

Rapid improvement in technology has been one major factor that has stimulated the Globalisation process.

This has made possible much faster delivery of goods Across long distances at lower costs The developments in information and communication technology have made information instantly accessible.

Liberalisation of Foreign Trade and Foreign investment policy

Trade barriers are some restrictions that have been set up by governments.

The governments can use trade barriers to increase on decrease foreign trade and to decide what kinds of goods and how much of Each should come into the country Tax on imports is an example of a trade barrier.

Removing barriers or restrictions set by the Government on trade is known as Liberalisation:- when the Govt imposes fewer restrictions than before it is said to be more liberal.

World Trade Organisation

World Trade Organisation CWTOJ is an Organisation whose aim is to liberalise international trade.

At present, 164 Countries of the world are currently members of WTO it has Established rules for developed countries regarding international trade so that these countries can allow free trade for all.

Impact of Globalistion in India

Globalisation has impacted the lives of people in India in the following manner

1 It has provided Greater Choices to consumers who now Enjoy improved Quality and lower prices on products.

2 It has resulted in higher standards of living.

Globalisation has also Created new Opportunities for Companies providing services, particularly in the IT sector.

The struggle for a Fair Globalisation

Fair Globalisation Creates opportunities for all and also Ensures that the benefits of Globalisation are shared better the Government can play a major role in making this possible

Some of the steps are :

1 It can Ensure that labour laws are properly implemented and the workers get their right

2 It can support small producers to improve their performance

3 If necessary, the Government can use trade and investment barriers

4 It can negotiate at the WTO for "fairer rules "

5 It can also align with other developing countries with similar interests to fight Against the domination of developed countries at the WTO.

The Globalisation and the Indian Economy Class 10 Notes webpage offers a detailed and comprehensive overview of the impact of globalization on the Indian economy. The notes cover various aspects of globalization, such as trade liberalization, foreign direct investment, and technology transfer. They also discuss the pros and cons of globalization and its impact on different sectors of the economy.

The notes are designed to be easy to understand for Class 10 students studying economics. They provide relevant examples and case studies to help students grasp the concepts more effectively. The webpage also covers topics such as India's economic reforms, the role of the WTO, and the impact of globalization on the service sector.

Overall, the Globalisation and the Indian Economy Class 10 Notes webpage is an essential resource for students who want to gain a deeper understanding of the economic changes that have taken place in India due to globalization.