Globalization in the 21st Century

Published: 2017-12-22 13:31:56
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Geopolitics and Development

Globalization has also transformed the level and performance of the geopolitical environment and strategies in emerging markets. The transitional economies require sustainable collaborations as well as mutual associations that will protect the local industries. Therefore, the geopolitical advancements form an essential part of stability. In India, global integration has changed the nature of political and regional goals for effective management of the state’s resources for short-term and long-term objectives. The level of globalization across the world has enabled the country as well as other emerging markets to increase their political influence for economic benefits and security (BMI Research n.p). The country has embraced the advantages associated with extensive geopolitical reach emanating from global accessibility. The competition from China and other Asian states is a threat to the development of the local economy; however, using the capacity of international advantages, the country has planned strategically on how to keep their political influence stable for financial gain. The proximity to India Ocean coast and the potential from the New Delhi urban hub is some of the critical protectorate zones that the government considers essential for stability. 

Furthermore, globalization has enabled the country to pursue internal approaches for stable geopolitical atmosphere and integration. Recently, the country launched a three-pillar strategy to advance their geopolitical influence for local and international advantage. The Indian Government has considered securing the Eastern Flank as a measure to enhance the level of cooperation (BMI Research n.p). The move is targeted at reducing the regional disputes to improve the trade affairs with the associated neighbors. The country has been competing with China in many factors and moves to enhance corporate relationship for mutual gain is considered an advantage for the Indian economy as an emerging market. The state has also moved to protect the bilateral engagements emanating from global interactions through regulation of passenger and cargo through the Motor Vehicle Agreement as well as Land Border Agreement. The development of cities such as New Delhi emanated from geopolitical stability and enlargement. Moreover, India has also set mechanisms that will enhance their corporation with Beijing for infrastructural development and multinational engagement that will support the development of the local and global markets both in China as well as in India (BMI Research n.p). Finally, through globalization, the country is also improving the relationship with the states in Central and South-West of Asian, which is expected to spark more growth in the country.          

Economic Growth and Development

The onset of globalization has contributed to the economic development across the 12 major pillars of competitiveness in India. The performance of the growth rate of the country as an emerging market has depicted a constant trend in the main facets of commercial stability. The level of technology innovation has assisted in production processes and quality management, which has encouraged sustainable levels of national income. Through global interaction, the country has witnessed increased development of production and financial institution across major economic zones. Infrastructural development has been upgraded through global accessibility, where the technical expertise such as engineering and experience in planning and implementation has encouraged quality across the state (IBEF n.p). The macroeconomic environment in India and other emerging markets have become predictable regarding income generation because of the development trends across the sectors as well as the increasing labor force (Shelly n.p). The level of and access to modern education has improved the skills of the people, which is a hub for industrial development regarding skilled and unskilled labor market. Accessing jobs is part of the process that has contributed to the increased per capita income and government revenue in the country from local and international investments.

Moreover, globalization has increased the market of operation that enhances the circulating capital in the market for investment and trade facilitation. The level of injections in the sectors over the years has enabled the country to diversify development. The financial market capacity in the country has stabilized because of international investments and integration. The support from the government initiatives for financial institutions has increased access to funds for a business establishment in the major cities in the country. Most production companies have considered exportation of the surplus good because of the large-scale financial operations. The performance of the products from the country in the international markets because of advanced technology and innovation. The existence of diverse experience emanating from multiple economic shifts has encouraged effective management practices in government and the private sector. Market service performance has been the most successful sector followed by manufacturing. The agricultural sector has been declining over the years. The level of GDP per capita has been at an average of $1,627 with the stable increase associated with a GDP rate of 6.3% growth. The employment rate has declined from the previous value of 82.7% to the current level of 55.5% over a decade. The same scenario is associated with the rate of poverty in the country, which also decreased to a current value of 68% (Trading Economics n.p).

 

Socio cultural factors affecting business

Globalization opened the international market where people interacted based on their talent, leisure needs, and financial abilities. The movement of individuals from one state to another has been facilitated through global interaction. Emerging markets have enhanced their capacity in the culture integration as well as tourism and hospitality because of sociocultural intermingling that has enabled the local market to grow. In India, nature cultural variability and heritage has been one of the critical areas that keep the country unique in line with the cultural and social diversity. The major annual religious festivals and celebrations is a hub for a seasonal market for local and international investors. The revenue from foreign visits and integration has enabled the country to advance their market through corporate accessibility. The welcoming atmosphere and the level of kindness based on strong religious affiliations have encouraged international and local integration for the sake of social and entrepreneurial advances. The existence of a transformed sociocultural from the traditional norms has made India more open for other citizens from diverse regions. The regular habit of togetherness has contributed to the increased number of social visits in the country because of the safe and homely state. 

Furthermore, globalization advantages of sociocultural integration have enhanced the performance of tourism in the country. India is rich in natural scenic beauty as well as numerous cultural practices that attract millions of visitors across the globe. The constant flow of tourists in the region has been enhanced through globalization. The heritage of the country, as well as the annual ceremonies and festivals, attract people from different regions of the world. The visitors increase the sales capacity in the corporate sector as well as boosting collected revenue for the government. Medical tourism and business investment benchmarking are some of the most rewarding categories for local development (The World Bank Group n.p). The number of people visiting the country to seek for advanced medical assistance has increased the efficiency of the health sector in India, which creates a stable competitive advantage in the market. The table below indicates the summary performance of the tourism sector.

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