Globalization refers to the flow of ideas, economy and cultures across borders. It is a complex economic process of interpolation and integration having social and political consequences. It includes goods and services, technology, capital and data. With the advent of transport, telecommunications and technology, accessibility and approach-ability to resources is like never before.
Liberalization, Privatization and Globalization came into form during the 1990s. It encouraged investments from different economies if the world. It also raised the barrier over the private sectors from entering businesses and services or transfer of ownership from the public sectors. All this lead to and still paves the way to advancement in information and communication technology, transport, goods and services.
We can now be swiftly connected offshore. Sitting in Mumbai, one knows about everything and can reach to everyone in Madrid. This led to the influx of offshore projects, accessibility to good education from anywhere to anywhere in the world and as mentioned before integration of new ideas. Most of us have at least one relative/friend working or living abroad. This is the social impact of Globalization.
A student, belonging to any strata of the society in his/her nation can avail education abroad via distance learning through edX, Udemy of going for offshore for studies. Thereby moving from one strata of society to another. But, on the other hand, as we can quote the example of Donald Trump getting to Presidential Power and cancelling educational or working visas for certain nationalities, can speak of political consequences of globalization.
As remarked by the Infosys CEO, data today is our biggest asset and liability. It not just makes information available but makes it vulnerable to piracy, tempering and formulation too. Each country is well aware of the conditions and statistics of other countries both officially and unofficially through data shared by commoners. On a positive note, this wedged relief plans for conditions during the Syrian Crisis, Peurto Rico or Mexico, to quote a few. But, the grey side, is that this data can be used for criminal and unethical means too for malicious activities. Strengths and weaknesses are exposed like never before.
Globalization has led to a number of deals between nations. Talking about India, the recent Bullet Train Deal with Japan has bridged gaps between different technologies. We can now learn from different nations. It is much of a controversial topic; as on one side India is falling prey to derailments, heavy rains disrupting transport in Mumbai, stampede at stations to investing funds on establishment of Bullet train from Mumbai to Ahemdabad, on the other side.
The make in India began with mission of bringing foreign investments to India and empowering its manufacturing sectors, but India till now lays as a major service sector provider for the world. Globalization has helped in enhancing knowledge but on the same pace has led to knowledge being used in the benefit of other countries. Need of the hour is to learn from different economies but ultimately use the know-how to build our own economy. It is for the same reason that big shots like Satya Nadela, Sundar Pichai serve on key positions for major tech-giants of the world. It has helped talent meet the right opportunity.
In the health care sector of society Globalization used IT to prevent and combat fatal infectious diseases, share major path-breathing researches and discoveries across the globe and improved responses to outbreak situations. For eg, during the outbreak of Ebola Virus, doctors working in northern regions of Uganda rapidly transmitted their findings to WHO in Geneva and US Centres for Disease control in Atlanta.
Globalization helped to observe and implement and discuss problems with different forms of government, bringing socialist, capitalists, democratic, autocratic, communalist, republic to discuss issues on one forum through UN, BRICS etc. Learning from digitalization of different countries, India implemented m-governance or mobile governance. Thereby making the government penetrable.
Above discussed are some of the many aspects of Globalization. To maximize profit from globalization, India still needs to make majority of its population technically up-to-date with the world else globalization can breed increased inequality. Only then can we expect GDP growth going hand in hand with globalization.