INTRODUCTION

Globalization has many meanings depending on the context and on the person who is talking about. Though the precise definition of globalization is still unavailable a few definitions are worth viewing, Guy Brainbant: says that the process of globalization not only includes opening up of world trade, development of advanced means of communication, internationalization of financial markets, growing importance of MNC s, population migrations and more generally increased mobility of persons, goods, capital, data and ideas but also infections, diseases and pollution. The term globalization refers to the integration of economies of the world through uninhibited trade and financial flows, as also through mutual exchange of technology and knowledge. Ideally, it also contains free inter-country movement of labour. In context to India, this implies opening up the economy to foreign direct investment by providing facilities to foreign companies to invest in different fields of economic activity in India, removing constraints and obstacles to the entry of MNC s in India, allowing Indian companies to enter into foreign collaborations and also encouraging them to set up joint ventures abroad; carrying out massive import liberalization programs by switching over from quantitative restrictions to tariffs and import duties, therefore globalization has been identified with the policy reforms of 1991 in India. The growing integration of economies and societies around the world has been one of the most hotly-debated topics in international economies over the past few years. Rapid growth and poverty reduction in China, India, and other countries that were poor 20 years ago, has been a positive aspect of Liberalization Privatization and Globalization (LPG). But Globalization has also generated significant international opposition over concerns that it has increased

INTRODUCTION inequality and environmental degradation. There is a need to study the impact of globalization on developing countries from the viewpoint of inward foreign direct investment. Attention should also focused on the role which some developing countries, particularly from parts of Asia and Latin America, are playing as initiators of globalization through their own MNCs. India opened up the economy in the early nineties following a major crisis that led by a foreign exchange crunch that dragged the economy close to defaulting on loans. The response was a slew of Domestic and external sector policy measures partly prompted by the immediate needs and partly by the demand of the multilateral organizations. The new policy regime radically pushed forward in favor of a more open and market oriented economy. Globalization embodies increased import penetration, export sales, competition in services, foreign direct investment, and exchange rate fluctuations prompted by international capital movements. As Rama (2003) defines, globalization is the combination of these changes in the way the developing countries interact with the rest of the world. In other words, it is the process through which the domestic factors of production such as labour and capital will be integrated with the world economy. The process of globalization in India was initiated in 1991 in order to give an impetus to the output growth rate and to help the economy recover from the foreign exchange crisis and fiscal imbalances. But the benefits of these reforms in terms of rise in incomes are obviously not expected to reach different sections of the population equally. One view is that the poor may benefit from economic growth only indirectly and, hence, the proportional benefits of growth going to the poor will always be less than those accruing to the non-poor. In other

INTRODUCTION words, in the process of economic growth in the initial stages, the positive effects of growth on poor tend to get offset by the adverse effects of inequality rising, as suggested by Kuznets (1955). However, if economic growth is accompanied by a decline in inequality, the poor benefit more than the non-poor--the situation is described in the literature as pro-poor growth (see Kakwani, Prakash and Son 2000; Kakwani and Pernia 2000). Even when inequality rises, observed poverty may still decline if the growth effect dominates the inequality effect, that is, the extent of fall in poverty due to growth is larger than the rise in poverty due to rise in inequality. Given the wide regional variations in India in terms of socioeconomic development and initial conditions, economic reforms have been initiated at different levels and at different points in time across the states. Most of the reforms have been pursued in the industrial sector, the spread and growth of which show considerable regional variations. Availability of infrastructure, which is a strong determinant of industrial productivity, mobility and income earnings also varies significantly across the states (Mitra 1997). Hence, it is expected that economic growth would have wide regional variations and further that the changing income distribution in the process of growth would also be different across states. Among several outcomes, population mobility across space is one, which is directly influenced by economic growth. The spatial composition of growth, reflected in terms of rural-urban development disparity, motivates people to shift to areas with better employment prospects. As total poverty is a weighted average of rural and urban specific poverty ratios, the net effect of population mobility on poverty depends on the changes in its rural and urban components. Since economic

INTRODUCTION reforms are more urban based, the spatial composition of growth is expected to change, resulting in a migration of population from rural to urban areas. The decline in the incidence of poverty (rural-urban combined) depends on whether urban employment opportunities are large enough to absorb the increasing supplies of labour from the rural areas. A large number of empirical studies exist to suggest that rural migrants have been able to escape poverty, though they could not graduate to the urban formal sector (Banerjee 1986; Mitra 1994, 2003; Papola 1981). Even when the incidence of urban poverty rises due to rural-urban migration, the decline in the combined poverty ratio may be evident with a fall in the rural poverty incidence occurring in response to out-migration. This is precisely because the weight of urban poverty is much less in the poverty for all-areas combined poverty to the rural poverty. It is not only the overall growth but also the composition of growth, which is important for poverty reduction. If the poor are mostly concentrated in the agricultural sector, it is natural that agriculture-led growth would reduce poverty. However, as Kuznets (1966) points out, in the process of economic development, both the value-added mix and workforce structure shift away from agriculture. Hence, recommending an agriculture-led growth may be counter-intuitive. One may, therefore, suggest that the growth of the industrial sector or that of the overall commodity-producing sector plays an important role in reducing poverty. However, several tertiary activities also play a key role in generating economic growth. It has been observed that the entire tertiary sector is not parasitic in nature (Bhattacharya andMitra 1997); a large segment, particularly in the context of liberalization, is strongly associated with the commodity-producing sector. Activities, which were earlier

INTRODUCTION conducted within the manufacturing sector for example, are being undertaken separately because of greater specialization, and, hence, these may from a part of the tertiary sector. This would, therefore, call for a careful interpretation of the tertiary sector rather than treating it purely as redundant. In other words, tertiarization of value added may also play a role in poverty reduction as it can generate employment and simultaneously enhance real income. In other words, in the context of poverty reduction, the changing composition of growth does not imply a rise only in the share of industry, but rather in industry and tertiary sectors both accompany the declining share of agriculture (see Ravallion and Datt 1996). This report explores the contours of the on-going process of globalization, liberalization and privatization. Throughout this report, there is an underlying focus on the impact of LPG on the Indian economy. It also comments on impact of LPG on Developing countries.

Key Characteristics of Globalization Trade World trade has expanded rapidly over the past two decades. Since 1986, it has consistently grown significantly faster than world gross domestic product (GDP).Throughout the 1970s, trade liberalization within the framework of the General Agreement on Tariffs and Trade (GATT) was modest and gradual, and involved the industrialized countries much than it did the developing ones. However, from the early 1980s onwards, the extent of trade liberalization, especially in the developing countries, began to accelerate.

INTRODUCTION This trade expansion did not occur uniformly across all countries, with the industrialized countries and a group of 12 developing countries accounting for the lion s share. In contrast, the majority of developing countries did not experience significant trade expansion. Indeed, most of the Least Developed Countries (LDCs), a group that includes most of the countries in sub-Saharan Africa, experienced a proportional decline in their share of world markets despite the fact that many of these countries had implemented trade liberalization measures. Foreign Direct Investment During the early 1980s, FDI accelerated, both absolutely and as a percentage of GDP. Since 1980, the policy environment worldwide has been far more conductive to the growth of FDI. Over the 1990s, the number of countries adopting significant liberalization measures towards FDI increased steadily. Indeed, there are only a few countries that do not actively seek to attract FDI. However, many of these hopes have not been fulfilled. Despite the rapid growth of FDI flows to developing countries, investment remains highly concentrated in about ten of these countries. Apart from their increased volume, the nature of these investments has also changed. The information and communications technology (ICT) revolution, coupled with declining transport costs, made the growth of far-flung, multicountry based production of goods and services both technically and economically feasible. Production processes could be unbundled and located across the globe to exploit economic advantages arising from differences in costs, factors availabilities and the congeniality of the investment climate. Components and parts can easily be trans-shipped across the world and assembled

INTRODUCTION at will. The communications revolution has made feasible the coordination and control of these dispersed production systems. Financial flows The most dramatic element of globalization over the past two decades has been the rapid integration of financial markets. The Bretton Woods system, created after the Second World War, rested on the foundation of closed capital accounts and fixed exchange rates. Thus, in contrast to trade and FDI where gradual liberalization had been initiated, financial globalization was not even on the policy agenda at the time. The world lived with a system of separate national financial markets. This began to change in 1973 with the breakdown of the Bretton Woods system. But there was no immediate rush to capital account liberalization. This began in the industrialized countries only in the early 1980s, with a subsequent increase in capital flows among them. As has been pointed out, the world monetary system underwent three revolutions all at once: deregulation, internationalization, and innovation. Financial liberalization created the policy environment for expected capital mobility. But the increase in capital flows was greatly boosted by the revolution in ICT. This made possible the improved and speedier knowledge of foreign markets, the development of round the world and round the clock financial transactions, and the emergence of new financial instruments, especially derivatives. Since the late 1980s there has been a global trend towards financial liberalization. This ranged from relatively simple steps such as the unification of exchange rates and the removal of controls over the allocation of credit in the domestic market to full-blown liberalization of the financial sector that
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INTRODUCTION included the opening up of capital accounts. Within the developing world, the latter type of reform was initially confined to a group of middle-income countries with a relatively greater range of institutions of financial intermediation that included bond and equity markets. The action in terms of the explosive growth in private financial flows from North to South was concentrated in these emerging markets . These flows consisted of elements such as investments in the equity markets of these countries by investment funds (a major part of which was on behalf of pension funds), bank lending to the corporate sector, and short-term speculative flows, especially into currency markets. Lending through the international bond market also increased in the 1990s in the wake of financial globalization. Technology The industrialized countries were the source of the technological revolution that facilitated globalization but that revolution has also had ripple effects on the rest of the global economy. At one level,the new technology changed international comparative advantage by making knowledge an important factor of production. The knowledge-intensive and high-tech industries are the fastest growing sectors in the global economy and successful economic development will eventually require that countries become able to enter and compete in these sectors. This implies that they will have to emphasize investments in education, training and the diffusion of knowledge. There have also been more direct impacts through the diffusion of these new technologies to developing countries. This has occurred principally, though not exclusively, through the activities of multinational enterprises (MNEs).

INTRODUCTION However, as in the case of trade and FDI, there are serious NorthSouth imbalances in access to knowledge and technology. Almost all the new technology originates in the North, where most research and development occurs. This is an important source of the dominance of MNEs in the global markets, and of their bargaining strength vis-
-vis developing country governments. The effects of this new technology have also spread well beyond the realm of the economic, expanded though this now is. The same technology that enabled rapid economic globalization has also been exploited for general use by governments, civil society and individuals. With the spread of the Internet, e-mail, low-cost international phone services, mobile phones and electronic conferencing, the world has become more interconnected. A vast and rapidly growing stock of information, ranging from science to trivia, can now be accessed from any location in the world connected to the Internet. This can be transmitted and discussed just as easily. At the same time, satellite television and the electronic press have created a veritable global fourth estate. Inter-relationships These changes in trade, FDI, financial flows and technological diffusion are increasingly part of a new systemic whole. An underlying common factor is that all these elements necessarily evolved in the context of increasing economic openness and the growing influence of global market forces. This is a profound change, affecting the role of the State and the behaviour of economic agents. Trade and FDI have become more closely intertwined as the global production system increasingly shapes patterns of trade, especially through the rapid growth of intra-

INTRODUCTION firm trade in components. The MNEs are now estimated to account for two-thirds of world trade while intra-firm trade between MNEs and affiliates accounts for about one-third of world exports. At the same time, trade in components and intermediate goods has increased. The qualitative changes in the structure of world trade-specifically an increase in the trade in components and intermediate inputs-are perhaps as significant as the quantitative increase in trade. At the same time, portfolio investments and other financial flows have become an increasingly important determinant of the macroeconomic environment that shapes patterns of trade and investment in the real economy. Similarly, the diffusion of new technology has also had a profound effect on comparative advantage, the competitiveness of enterprises, the demand for labour, work organization and the nature of the employment contract. The Multilateral Trading System In the meantime, the institutional context for international economic relations also began to change. A new round of multilateral trade negotiations launched in 1986 set the stage for the transformation of GATT into the WTO in 1995. A key change was the broadening of the agenda of trade negotiations well beyond the GATT remit of reducing tariffs and other direct barriers to trade. Subjects that were hitherto not considered to be trade issues such as services, intellectual property rights (IPRs), investment measures and competition policy (the behind-theborder issues) were now argued to be within the scope of trade negotiations. The rationale for this was that these measures were also impediments to the free flow of goods and services across borders. The harmonization of national policies in these areas was deemed to be essential for the deeper liberalization of
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INTRODUCTION world trade. This same logic could also be applied to a number of other aspects of national policy and regulation, especially when the objective of free trade is extended to encompass concerns over fair and sustainable trade. Hence there have been lingering tensions over the desirability of extending this list of behind-theborder issues. With hindsight, many developing country governments perceived the outcome of the Uruguay Round to have unbalanced. For most developing countries (some did gain), the crux of the unfavourable deal was the limited market-access concessions they obtained from developed countries in exchange for the high costs they now realize they incurred in binding themselves to the new multilateral trade rules. The Global Financial System The governance structure of the global financial system has also been transformed. As private financial flows have come to dwarf official flows, the role and influence of private actors such as banks, hedge funds, equity funds and rating agencies has increased substantially. As a result, these private financial agencies now exert tremendous power over the economic policies of developing countries, especially the emerging market economics. Rating agencies determine whether countries can have access to sovereign borrowing and, if so, the cost of this. The assessments of stock analysts have a profound influence on the flow of funds into stock markets, while the decisions of hedge fund managers often impact on national currencies. Within the logic of perfect markets, there would be nothing wrong with these developments. The increased influence of private actors in the global financial system should lead to greater efficiency in worldwide allocation of financial

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INTRODUCTION resources, as well as to the associated benefit of exerting greater, and much needed, market discipline on developing country governments. However, financial markets, even at the national level, are typically one of the most imperfect of markets. There are severe problems of information failure, especially information asymmetries. These problems are magnified at the level of global financial markets, where international lenders may have limited and poor information about local borrowers. For example, concerns have been raised over the operations of hedge funds and rating agencies, and the probity of some large international investors in the light of recent corporate scandals. This leads to an over-extension of credit, including to unsound local banks and firms. Perceptions that there are implicit guarantees about the fixedness of exchange rates and bailouts compound this process. A further important source of failure in this global financial market is the absence, at that level, of effective institutions for supervising it, such as exist at the national level. Invariably, therefore, the global financial system has plagued by a series of financial crises of increasing frequency and severity. The negative impact of these crises has been devastating, wiping out the gains of years of prior economic progress and inflicting heavy social costs through increased unemployment and poverty. However, only a small minority of developing countries have become part of this new global financial system. As in the case of FDI, these private financial flows have remained highly concentrated in emerging markets. Thus the vast majority of developing countries, including almost all the LDCs, receive hardly any private financial flows.

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INTRODUCTION For aid-dependent low-income countries, mostly in sub-Saharan Africa, their marginalization from financial markets means that they are deprived of any means to mitigate the effects of the significant decline in ODA. As a result, many of these countries are still, some two decades later, caught in the debt trap they fell into in the early 1980s.

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LITERATURE REVIEW The great significance of globalization to India and to the world has drawn many scholars and academicians including business historians, economists, social scientists, political economists, management experts and others to write on the subject. Globalization has been addressed from different angles by various scholars and hence it is rather difficult to classify the literature on globalization. However, majority of the writings has been related to impact of globalization either at firm level or at aggregate level and so have been rather normative in their analyses. Obviously, a natural outfall of the impact studies is the existence of two schools of thought from this approach viz., first, globalization has been/will be good for India, and second, globalization has not been good for India. Yet, a third set of scholars have dealt with some dynamics of globalization with reference to some short time intervals. Scholars in the first school of thought have argued on the theoretical principle that free trade and competition is good for the whole world in the long run and therefore globalization is also good for India. The proponents of GATT/WTO base their argument on these lines. Foreign companies, foreign governments and international bodies have lashed out at the closed-door policies of the GOI towards international trade and investment. Research works based on specific cases of success have also towed this line of argument. The studies of Johri (1983) and Kumar (1996) are some examples. Scholars in the second school of thought have based their argument on the impact that liberalization and opening up of the Indian economy had on India. Kidron (1965), Kurien (1966), Athreye (1999), Nayak (2000, 2002, 2003), and Kumar (2003) have studied the impact of FDI on India.

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LITERATURE REVIEW Stiglitz (2002) argues that Globalization has not met its promises to the developing countries. Lall (1999), Sharma (2000) and Nayak (2003) have undertaken studies on nature of exports and imports of India. The third set of scholars have dealt with the process dynamics of globalization in some specific time periods. Bagchi (1972) argues that the strong political patronage helped the British companies to flourish and grow in India during the early decades of the 20th century. Tomlinson (1989) states that the short-term structures created by British expatriates and multinationals to generate immediate success limited their options for future evolution. Encarnation (1989) discusses the interplay of forces among local government, local companies and the foreign companies from a politico-economic point of view. None of the previous studies have looked into the basic issues raised in this paper, viz., what has globalization meant in terms of meaning, genesis and characteristics for India in the past six decades? Overlooking these fundamental issues has lead to confusion on the subject and has lead to misplaced views on the problems and prospects of globalization. Further, the existing literature has looked into globalization either in some specific time period or looked at some specific issue of globalization. There are some other researches also available on Globalization and their views are as follows:

EPICOR GLOBALIZATION SURVEY 2005 Globalization is unavoidable, but manufacturers can, and do, have influence over its impact. No manufacturer is immune to

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LITERATURE REVIEW downward pressure on pricing, but manufacturers are competing through superior quality and delivery, and taking up the challenge by increasing exports. Success or failure boils down to two very clear benchmarks sales growth, and downsizing. Manufacturers can influence both those benchmarks by being proactive rather than reactive. Those who take the highest advantage of globalization adapt rather than fight. They take advantage of, for example, low-cost suppliers, and lower-cost labor and new market opportunities. Yes, globalization strains the enterprise and its infrastructure, even at the most successful manufacturers. They manage their supply chains actively, through leaner operations and driving down costs. And they make demand and supply chain technology and infrastructure a corporate priority.

Impact of Globalization on Developing Countries (With Special Reference To India) by Krishn A Goyal The lesson of recent experience is that a country must carefully choose a combination of policies that best enables it to take the opportunity while avoiding the pitfalls. For over a century the United States has been the largest economy in the world but major developments have taken place in the world economy since then, leading to the shift of focus from the US and the rich countries of Europe to the two Asian giants-India and China. Economics experts and various studies conducted across the globe envisage India and China to rule the world in the 21st century. India, which is now the fourth largest economy in terms of purchasing power parity, may overtake Japan and become third major economic power within 10 years.

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LITERATURE REVIEW

Does Globalization Cause Inequity Among Rich and Poor Nations? By M. Stephen Lucas (March 2007) This paper has demonstrated that inequality exists and that it is widening. When the rich nations get richer other factors are at work such as more efficient use of resources, which need stable, open governments and the infrastructure for improved social conditions. Many poor nations fail because the state fails, or with a large population growth rate, have difficulties managing the allocation of their resources. Rich nations have implemented policies and a capitalist approach to distribution of goods and services that propagates long-term growth. Not all nations are endowed with an equal proportion of factors inputs; inequality will exist. By opening up trade, nations can share their factors more equitably and the total global pool of wealth will increase. For most of the 20thcentury, rich nations gave aid to poor nations only to see it squandered. The people of the country must have the political will and capability to select leaders that choose a path of economic growth instead of cultural stagnation. Many of these countries are poor and have an unequal distribution within the country itself due to corrupt government leaders that view international aid as a source of personal income. Several of the poorer nations do not want to open up to international trade due to fear of loosing their own identity, when in fact they are loosing an opportunity for its people to move out of poverty. Many of the poorer nations have an agrarian economy that is labor intensive, without technology. They are changing over to an industrial economy that is not as labor intensive. During this transition, they will provide cheap labor

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LITERATURE REVIEW markets for multinational corporations, and wages for these people will increase. Globalization, when there is free movement of goods and services, capital, people and technology, helps poorer nations. International trade allows each nation to maximize the benefits of its inputs factors where it has a comparative advantage. Control of these resources must be dispersed to individuals so that they are empowered to make decisions that will improve their economic condition.

Globalization Process in India: A Historical Perspective Since Independence, 1947(Amar K J R Nayak, KalyanChakravarti and PrabinaRajib) The overall analysis of the seven variables of globalization process discovers the meaning of globalization with reference to India. India tried to integrate with the world economy as soon as it became a sovereign state but with its own terms and conditions. However, over these years, India has slowly been pressure d by the several external forces like the foreign governments, foreign corporations and international agencies to integrate on their terms. The roots of the present globalization process in India lie way back in the 1980s. India started to liberalize trade in 197778. This open policy increased the number of items in the Open General License (OGL). Most importantly, we find that Globalization with reference to India has been more of globalization in India and less of globalization of India. In other words, globalization has been only a one-way process that if foreign enterprises have found a favorable way to do business in India since Independence. Foreign companies have invested in India only when the policies
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LITERATURE REVIEW of the GOI have favored either the market seeking or the efficiency seeking objectives of the foreign firms. The foreign firms have either left India or critiqued India otherwise. From the historical observations, it is imperative that the GOI, the foreign companies and the governments of other nations have to recognize and respect the need for both Globalization of India and globalization in India in order to ensure that the globalization process takes off in a balanced and sustained manner. Hence, while undertaking policies on liberalization of Indian economy, the GOI has to take care that liberalization does not lead to globalization of India alone as it has been presumed in the past 15 years. The policies of the GOI should be able to direct foreign direct investment into manufacturing sector and high technology areas through which the Indian economy can effectively be part of the globalization process worldwide. With similar framework of our study, further research may be conducted on other developing countries in Asia to enhance our understanding of globalization process in other countries of Asia.

EXAMINING STUDENTS PERCEPTIONS OF GLOBALIZATION AND STUDY ABROAD PROGRAMS AT HBCUs (Stevon Walker, James O. Bukenya and Terrence Thomas) In summary, the results of the regression model suggest that while number of variables such as major and classification are found to have statistically significant relationships towards globalization, demographic variables and information source variables are not good indicators of student perceptions of globalization. As found in the survey, as the level of education increases, so does the skepticism about globalization. One
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LITERATURE REVIEW interesting findings is that with a global mindset, however, business students seem to be more favorably inclined toward globalization than non-business students. While the findings of this study highlight several significant variables, some limitations should be noted. Specifically, the small sample size warrant some caution when extending the results to other HBCUs. Second, the researcher relied on students to self-report their attitudes and perceptions as accurately as possible. Finally, though a multiinstitutional and longitudinal study would provide the greatest breadth and depth of data, this study is restricted to one institution and one academic year. By analyzing the history of India integrating with the world business and economy during the last about 60 years, 1947-2004, this paper attempts to explain the overall globalization process and provide the meaning, genesis and characteristics of globalization with respect to India.

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OBJECTIVES Primary Objective The primary objective of the study is to find out the impacts of globalization that how globalization is affecting our economy or nation, i.e. India whether it has positive effects on our economy or it s negatively affecting our economy.

Secondary Objective The secondary objectives if conducting this study are as follows:

 To know the thinking of people about the Globalization

 To know globalization s effects on employment

 To make the people more aware about globalization

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NEED The need for conducting this research arises because there is need to make the people aware about the meaning of globalization and make clear how globalization is affecting them and also our economy. Globalization have both positive effects, i.e. Transfer of capital, Increased Employment, Technology Transfer, Opportunity to create a cross-culture workings, etc. and negative effects, i.e. Transfer of Diseases, Global Warming, etc. So there is a need to know that whether the globalization is resulting in positive results or negative results more, therefore, for this purpose this study on globalization s impacts have been conducted.

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SCOPE This study, in future can help in conducting other studies related to any other matters about globalization. This study can also be used to design the globalization policies or to modify them because this study also serves the opinions of different people about globalization and its impacts on the India s economic situations/conditions. There is one more important thing that this study makes the meaning of globalization clear very efficiently which can help anybody or any other researcher to make his and other s view about globalization clear.

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RESEARCH METHODOLOGY The following research is a descriptive kind of research and conducted by taking a sample of 30 people from general public. The sample units are taken by using random sampling technique, i.e. sample units are taken randomly from general public. The sample size is taken as 30 due to convenience of researcher. The questionnaire has been made containing questions regarding impact of globalization and people are asked to fill it. The questionnaire is filled by conducting face to face interaction.

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DATA ANALYSIS Q.1 What do you think Globalization is? Ans:

ImportExport No. of Respondents 4 Widening the market 17 Private sector involvement 9 Total

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Q.2 Globalization carries lots of risks. Ans:

Strongly Agree 4 Agree 10 Neutral 9 Disagree Strongly Disagree 6 1 Total 30

No. of Respondents

Q.3 Globalization creates wealth. Ans:

Strongly Agree 12 Agree 14 Neutral 1 Disagree Strongly Disagree 3 0 Total 30

No. of Respondents

Q.4 Globalization threatens jobs. Ans:

Strongly Agree 2 Agree 5 Neutral 7 Disagree Strongly Disagree 14 2 Total 30

No. of Respondents

Q.5 Globalization offers opportunities.

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DATA ANALYSIS Ans:

Strongly Agree 14 Agree 9 Neutral 3 Disagree Strongly Disagree 4 0 Total 30

No. of Respondents

Q.6 Globalization affects culture. Ans:

Strongly Agree 6 Agree 15 Neutral 7 Disagree Strongly Disagree 1 1 Total 30

No. of Respondents

Q.7 Globalization plays a central role. Ans:

Strongly Agree 1 Agree 9 Neutral 11 Disagree Strongly Disagree 6 3 Total 30

No. of Respondents

Q.8 Globalization is Americanization. Ans:

Strongly Agree 1 Agree 8 Neutral 9 Disagree Strongly Disagree 7 5 Total 30

No. of Respondents

Q.9 Globalization acts as a bridge between nations. Ans:

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DATA ANALYSIS

No. of Respondents

Strongly Agree 16

Agree 12

Neutral 1

Disagree Strongly Disagree 1 0

Total 30

Q.10 If there are two products, one is local (Indian) and other one is Imported, which one will you prefer? Ans:
No. of Respondents Indian 22 Imported 8 Total 30

Q.11 Do you think globalization leads to reduction in salaries of Indian people? Ans:
No. of Respondents Yes 9 No 21 Total 30

Q.12 I like food from other cultures & countries. Ans:

Strongly Agree 3 Agree 12 Neutral 9 Disagree Strongly Disagree 4 2 Total 30

No. of Respondents

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FINDINGS OF THE RESEARCH After analyzing the data collected through questionnaire researcher has found following results: Meaning of the globalization is mostly clear to all the people in the sample because 57% people have selected the option widening the market in first question and remaining 43% people have selected other options. Almost 50% of people think that globalization carries risks and 30% of people are not sure about it. Almost 87% people are of the view that globalization creates wealth. Only 23% people think that globalization threatens jobs and remaining are of the view that it don t affects the jobs of Indian people. According to 77% people globalization offers opportunities. Globalization affects the culture according to 70% people and others think that it will affect the culture. 37% people don t say anything about central role of globalization. Only 33% people think that globalization plays a central role. Almost 33% people don t say anything about Americanization and from the remaining one majority of the people don t think that globalization leads to Americanization. According to 93% people globalization acts as a bridge between nations. 73% people will buy the Indian products and the remaining 27% will buy the imported one and most of them will also pay some extra money for them.

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FINDINGS OF THE RESEARCH According to the majority of people, i.e. almost 73% people don t think that globalization leads to reduction in salaries of Indian people. Half of the people likes the culture of other countries and their food, it means they are happy with the globalization policy. At the end all the people thinks that the overall effect of globalization is positive because they have said that it transfer the technology and increase the employment and the weightage given by them to the negative effects is low so we can say that globalization leads to positive effects more rather than negative ones.

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LIMITATIONS Following are the difficulties/limitations occurred in conducting this study:

 Educated people having the knowledge of globalization were quiet difficult to figure out.

 Questions were a little bit confusing for the respondents.

 Time constraints were there, i.e. there was less time to conduct a study.

 Some of the respondents were not seriously filling the questionnaire.

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CONCLUSION In this study, we were finding the impact of globalization and seeing that what was the general people s thinking about the globalization and in what manner globalization was effecting them? So at the end the study have concluded that most of the people are aware of globalization and its impact on the Indian economy and on themselves as well. People think that globalization offers opportunities but it s not increasing the employment. Globalization creates wealth also. People think that globalization acts as a bridge between nations, i.e. all the nations can works as a team and earn more profits. Globalization results in trade expansion, increased direct foreign investment, supports multilateral trading system, technology transfer, etc. So as an overall the impacts of globalization, according to the people s point of view, are positive. Negative effects are less than the positive ones.

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ANNEXURES

QUESTIONNAIRE

Name: ____________________________________________ _______________________ Age: ______________________________________________ _______________________ Sex: ______________________________________________ ________________________ Occupation: ________________________________________ _____________________

Q.1 What do you think Globalization is? Ans. (a) Import-Export (b) Widening the market (c) Private sector involvement

Q.2 Globalization carries lots of risks. Ans. (a) Strongly Agree (b) Agree (c) Neutral (d) Disagree (e) Strongly Disagree

Q.3 Globalization creates wealth. Ans. (a) Strongly Agree (b) Agree

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ANNEXURES (c) Neutral (d) Disagree (e) Strongly Disagree

Q.4 Globalization threatens jobs. Ans. (a) Strongly Agree (b) Agree (c) Neutral (d) Disagree (e) Strongly Disagree

Q.5 Globalization offers opportunities. Ans. (a) Strongly Agree (b) Agree (c) Neutral (d) Disagree (e) Strongly Disagree

Q.6 Globalization affects culture. Ans. (a) Strongly Agree (b) Agree (c) Neutral

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ANNEXURES (d) Disagree (e) Strongly Disagree

Q.7 Globalization plays a central role. Ans. (a) Strongly Agree (b) Agree (c) Neutral (d) Disagree (e) Strongly Disagree

Q.8 Globalization is Americanization. Ans. (a) Strongly Agree (b) Agree (c) Neutral (d) Disagree (e) Strongly Disagree

Q.9 Globalization acts as a bridge between nations. Ans. (a) Strongly Agree (b) Agree (c) Neutral (d) Disagree

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ANNEXURES (e) Strongly Disagree

Q.10 If there are two products, one is manufactured within the India and other one is manufactured abroad (Imported), which one will you prefer? Ans. (a) Indian (b) Imported If you have selected second one then how more will you pay for it? (a) 20 percent (b) 10 percent (c) 5 percent (d) not a penny more

Q.11 Do you think that globalization results in the reduction in the salaries of Indian people and threaten their jobs. Ans. (a) Yes (b) No

Q.12 I like food from other cultures & countries. Ans. (a) Strongly Agree (b) Agree (c) Neutral

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ANNEXURES (d) Disagree (e) Strongly Disagree

Q.13 So as an overall, what s your opinion that Globalization results in :( Rank Accordingly, mark a circle on the rank) Ans. Positive Effects Increased Employment Technology Transfer Transfer of Capital Negative Effects Global Warming Transfer of Diseases 1 1 2 2 3 3 4 4 5 5 1 1 1 2 2 2 3 3 3 4 4 4 5 5 5

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BIBLIOGRAPHY References has been taken to conduct this study from the following studies previously conducted:

 Globalization Survey 2005 by EPICOR  Impact of Globalization on Developing Countries (With Special Reference to India) by Krishn A Goyal  Does Globalization Cause Inequity among Rich and Poor Nations by M. Stephen Lucas  India s Globalization: Evaluating the economic consequences by Baldev Raj Nayar  Globalization & it s impacts  Globalization, Growth & Poverty by N.R. Bhanumurthy&A.Mitra, April 2006  Globalization Process in India: A Historical Perspective Since Independence, 1947 by Amar K J R Nayak, KalyanChakravarti&PrabinaRajib  Examining Students perception of Globalization & Study abroad programs at HBCUs by Stevon Walker, James O. Bukenya& Terrence Thomas  What Do You Think? A Globalization Survey
Following websites also helped a lot

 www.google.com  www.bing.com

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