Question

Assess any three advantages of globalisation.

Answer 1

Hint: Globalisation is the process of countries rapidly integrating. It's a multifaceted issue. It is the consequence of a number of policies aimed at changing the environment into one of greater interdependence and incorporation.

Complete answer:
The main three advantages of globalization are as follows:
Local businesses that supply MNCs with raw materials have flourished. They also increased their performance standards by investing in newer technologies and production processes. Huge Indian corporations have become multinationals as a result of globalisation. For instance, Tata Motors, Infosys, and so on.

Globalisation has also opened up new opportunities for service providers, especially those in the IT industry. Increased competition leads to higher product prices, which boosts an individual's purchasing power. Hence, it increases a person’s living standards.

Production best practises are circulated across political lines. Distance and connectivity gaps between countries narrowed, allowing countries to assist one another in times of need. It provides an opportunity to interact with new technology and production methods internationally.

Note: The increment of business process outsourcing (BPO) services as well as information technology outsourcing is the most important aspect of innovation in India. Many highly trained Indian professionals work with businesses in India, Europe, Africa, the United States, and other areas of the world. India has a low-cost population that speaks English and is well-educated. Information Technology makes use of global networking strategies such as VOIP, the internet, and email to help businesses all over the world save money by outsourcing IT-skilled Indians.