Question

Answer the following in 3-4 sentences
Explain the term globalisation with the help of an example.

Answer 1

Hint: Economic reforms refer to all those measures which aim at rendering the economy more efficient, competitive and developed. Liberalisation, privatisation and globalization are the principal elements of economic reforms in India. Globalization is a process associated with increasing openness, growing economic interdependence and deepening economic integration in the global economy.

Complete answer:
Globalisation means integrating the economy of a country with the economies of other countries under conditions of the free flow of trade and capital across borders. Globalization can be defined as a process linked to increasing openness, increasing economic interdependence and greater economic integration into the global economy. Globalisation is the outcome of the policies of Liberalisation and Privatisation Economic reforms aim at integrating the Indian economy with the global economy. Consequently, there will be an unlimited flow of goods and services, technologies and expertise between India and the rest of the world. Particularly, it is expected that capital and technology will flow from the developed countries of the world towards India.
A most common example of Globalisation is Outsourcing.
This is an important outcome of the process of globalisation. India is emerging as an important destination of outsourcing particularly, BPO (business process outsourcing, also called call centres). It is a system for hiring foreign business services. These services include call centres, transcription, clinical counselling, teaching/coaching, etc. The two important reasons for India being an important hub of outsourcing are:
1. Availability of cheap labour in India, or a relatively low wage rate for the skilled workers, and
 2. A revolutionary growth of IT industry in India.

Note: Globalisation means integrating the economy of a country with the economies of other countries under conditions of the free flow of trade and capital across borders. A most common example of Globalisation is Outsourcing. India is emerging as an important destination of outsourcing particularly, BPO (business process outsourcing, also called call centres).