Increase International Globalization Relationships With World
The economy is the indicator of a country’s growth and achievements. It impacts the national income positively, creating job opportunities, and hence, enhances the standard of living.
The covid-19 pandemic has caused a mostly disruptive impact on India’s economic growth. It has also witnessed a pre-pandemic slowdown, and the current situation has magnified the adverse effect on the Indian economy.
This year India has seen the largest depreciation in its GDP, as it shrank 23.9% year-on-year in the second half of 2020, which is a negative GDP. It is an alarming sign that India is heading towards a wrong path, and the situation can get even worse if proper steps are not timely implemented. Apart from this, many people are losing their jobs. Many companies are running in losses due to the unavailability of finances.
It’s high-time when the government should take some appropriate steps to protect our economy from drowning and our country from going back to the world of poverty and crisis. And one of the trusted and best methods for this is increasing international globalization relationships.
What is International Globalization Relationships:-
International Globalization relationship is a process of interaction or expansion of international business or other organizations, including culture, economy, and political activities, in different parts of the world for a better output.
Globalization helps in removing the trade barrier and expanding the interaction with other economically strong countries, hence increasing the economy of the developing country. Apart from this, Globalization also acts as a catalyst in developing the health and education sector. Also, there is a frequent increase in the demand for highly skilled people for high-profile jobs.
Some of the Outcomes of Globalization:-
This method will help companies and organizations to find cost-effective ways for production, as well as increased global competition, which will, in turn, lower the prices.
Increased Job Opportunities:-
Increased international globalization relationships will automatically increase job opportunities, as production will take place on a larger scale. Hence, the need for human resources and brain efficiency will be needed, and thus the issue of unemployment, which is at its peak at present, will be resolved.
Development in Business Sector:-
The business sector will get access to new markets and get a chance to develop their business internationally.
Development in Health and Education Sectors:-
Globalization will help easy access to advanced technology and ideas to flow from one country to another.
The invention of new technology and ideas will require skilled manpower, thereby, increasing employability and, hence development in education will take place.
The decrease in Poverty Rate:-
Globalization affects economic growth positively, and hence countries become open to trade. Therefore, they grow faster, which helps in poverty alleviation to a great extent and thus increases the living standards.
Globalization can help a country grow its economy and increase the GDP to a great extent and reduce the fallbacks like unemployment, poverty, etc. We cannot deny the fact that International Globalization will improve the economy and living standards of a country to a great extent if managed properly and efficiently. Therefore, this process should be taken into consideration.
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