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Answer» The impact of globalisation on Indian economy is as follows: - It has created competition among producers, both local and foreign, which is advantageous to the consumers, particularly the well off. Now, there is a greater choice of goods before the consumers.
- It has enabled many Indian companies to become multi-national companies such as Tate Motors, Infosys and Ranbaxy.
- It has created new employment opportunities for companies providing services specially information technology. A lot of services such as data entry, accounting, administrative tasks are done cheaply in India and exported to other countries.
- New jobs are created in industries such as electronics, cell phones, automobiles and fast food.
- It had a negative impact on small manufacturers. Due to competition, some industries has been hit hard such as batteries, capacitors, plastic toys, vegetable oil etc. A number of units have shut down and a lot of workers, have become jobless.
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