The Impact of Globalization on Small Scale Industries

The Impact of Globalization on Small Scale Industries

ABSTRACT

Globalization refers to the process of integrating the whole globe into a single massive market. With the elimination of all trade obstacles between nations, it offers many benefits to many individuals. Globalization occurs via three channels: commerce in commodities and services, capital mobility, and financial flow. In India, globalization is often understood to imply ‘integrating' the country's economy with the global economy. 

The new economic strategy implemented by the Government of India in July 1991 at the request of the IMF and the World Bank gave the real impetus to the globalization process. Globalization has resulted in Unequal Competition,' or a battle between giant MNCs and tiny Indian businesses.' The small scale industry is an important component of the country's total industrial sector.

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INTRODUCTION

Globalization denotes a process of internationalization and liberalization in which the globe has shrunk to the size of a tiny town as a result of the idea of globalization. In every area, competition has grown fierce. Nations compete with a game plan to maintain their economies by enacting new laws and offering incentives to boost primarily their economic metrics. After the global economy was under attack, the Indian economy began to focus on the development of a small industrial base, which has contributed favorably to India's GDP growth; India's GDP growth is higher than that of other emerging nations with a developed small industrial sector.

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CONCLUSION

This research attempted to examine the effect of globalization on the development of small-scale enterprises. A comparison of the growth patterns of important parameters between the pre- and post-globalization eras shows that “globalization” had a detrimental effect on the development of the small scale industry, as measured by the number of units produced, employment, and exports. Policymakers and planners are concerned about a slowing pace of development in the number of units and job creation in the post-liberalization period. 

The results demonstrated that globalization has been a near-complete failure in terms of growth. To summaries, the current pattern of development in the SSI sector demonstrated the Indian economy's confidence in globalization and liberalization, which failed to have a beneficial effect on the expansion of the Indian Small Scale Sector.

For More Details About The Impact of Globalization on Small Scale Industries Please Visit Our Website

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