It has seen huge capital flow transcending geographical boundaries
Apart from initiating a number of changes in many areas, globalisation has had a positive impact on the Indian Diaspora across the globe, said Bangalore-based National Institute of Advance Studies Professor Carol Upadhya.
She was addressing the MBA students of PVP Siddhartha Institute of Technology on ‘Globalisation and social changes in India’ in Vijayawada on Thursday.
The professor noted that the Indian Diaspora had not only become strong but it triggered a flow of funds back home in various capacities such as angel investors for business sector or in the real estate or for that matter as philanthropists.
This was not the case only with India, but most of the developing countries that had opened up the economic front, she said. She was also quick to add that as every good thing had a negative shade, a small section also supported the separatist movements such as the Eelam movement in Sri Lanka or for that matter the Punjab separatist movement in India.
The professor said that the sphere of globalisation basically encompassed the areas of economics, culture, politics and sociology. On the economic front globalisation had seen huge capital flow and labour force transcending geographical boundaries. Migration of labour, considering both highly skilled and lesser-skilled labour force, made a huge positive impact on the economy of India.
The IT/ITES boom in India was mainly due to globalisation, she pointed out.
“Migrants have become agents of development.
The total remittance transfer from developed to developing nations in 2010 has been 300 billion USD and India accounts for Rs. 55 billion alone, which was the highest,” she said.
On the cultural side globalisation had seen the free flow of ideas and technology, and digital media played a great role, said Prof. Carol.
On whether globalisation diluted the native cultures, the professor noted that more than diluting them, it led to culture proliferation.
“The interaction of cultures has given birth to sub-cultures,” she said.
On the political front the professor said that globalisation did bridge the gaps between countries as international organisation such as WTO, ILO and World Bank had a much larger role to play. “It has set a stage for negotiations for important issues such as climate and food security,” said Professor Carol.
She also pointed out that globalisation played a major role in changing the social fabric of the world, especially that of the middle class.
Citing the Arab Spring, she said that globalisation had not only changed the consumption pattern but also had a positive impact on the economic development and did help in fostering democratic ideas.
Principal of the college P. Venkateswarulu, HoD of MBA P. Adilakshmi and HoD of ECM V. Vasudev Rao were present.