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The other is telling, globalisation is helping India develop. How would you respond to these arguments?
Answer
Globalisation has its pros and cons, and there are various advantages and disadvantages of the increasing globalisation in the country. The advantages of increased globalisation include improved trade opportunities and the increase in the number of employed because of small scale industries. The profit market has increased, and the increase in imports and exports has increased the economy of the nation. People can buy goods that are made across the world at cheaper prices.
The disadvantages of globalisation include that globalisation has increased the income of the rich and has decreased the income of the poor because the small scale local industrialists are unable to earn much profit. Thereby increasing income inequality.