How Technology is transforming the Globalization?

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The technology transformation is the process of applying scientific knowledge to fulfil the practical goal of human. It is the summation of digital techniques, methods, skills, processes used in the production of goods/services to fulfil the human objectives. The Globalization is the method of integration of economy of the nation with the world economy or it can be defined as the method of interaction and union between the people corporations and the governments globally.

Urbanisation and the Globalisation has changed the rate of development in the country including cultural, political, economic. Unification plays the vital role in mixing both economy.

Globalization Advantages in India:-

It gives the opportunity for employment generation:-

The Government launched various schemes like SEZ Schemes, Export Processing Zones (EPZ) Schemes, the government schemes gives the opportunity to outsource the employees from other reason which cause more employment. There are various other incentive schemes such as  MEIS Scheme, SEIS Scheme for the goods and service exporters, cabinet approved the RoDTEP Scheme to reimburse all the duties and the taxes on the export products.

Standard of Living:-

Globalisation has increased the standard of living of the people of the country, and gave the opportunity to increase standard of living along with the business development.

It helps the developing countries like India to deal with the rest of the world to increase the economic growth, solving the poverty issue, initially the developing countries were unable to match the world economy due to trade barriers.

Globalisation has made the relationships stronger between the developed nations and developing nations. Developing countries depend on the developed countries for the technology and the developed countries depends on the developing countries for the raw materials, the free trade between the countries has made the easier transportation of goods and people from one country to another.

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The Government of India has launched Advance Authorisation Scheme which issue the license to save the custom duties on the import of raw materials.

The developed countries has many advantages related to trade and economy. The disadvantage of the Globalisation is that the it has became the main reason of inequality between the rich and poor. In the past 2 decades globalization has great impact on the China and India’s growth.

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