The process of globalisation through liberalisation and privatisation policies has produced positive, as well as, negative results both for India and other countries. Some scholars consider globalisation as an opportunity in terms of greater access to global markets, improved technology and increased possibility of large industries of developing countries to become important players in the international arena. Many critics are of the belief that globalisation is just a strategy of the developed countries to expand their market base. According to them, it has compromised the welfare of the people living in poor nations. It has further been pointed out that globalisation driven by market forces has widened the economic disparities among nations and people. When we see it from India's perspective globalisation has increased the income and standard of living of only rich class and the growth has been limited to only few selected areas in services, real estate etc., rather than vital sectors such as agriculture and industry which provide livelihood to the majority population of the country.

Which of the following is true in regards to "Globalisation"?

Neither 1 nor 2

The correct answer is Option 4: Neither 1 nor 2 is true regarding globalization.

Option 1: Globalisation is merely an economic phenomenon. This is incorrect. Although globalisation is generally understood to mean integration of the economy of the country with the world economy, it is a complex phenomenon. It is an outcome of the set of various policies that are aimed at transforming the world towards greater interdependence and integration. While it does involve increased economic integration and interdependence among countries, it also encompasses social, cultural, and political aspects. Globalization influences various aspects of life, including communication, technology, education, culture, and politics, in addition to the economy.

Option 2: Globalisation was initiated in India only in 1991. This is also incorrect. Globalisation was not initiated in India in 1991. While India did undertake significant economic reforms in 1991 that opened up its economy to greater global influences, globalisation as a process has historical roots dating back centuries. Trade, migration, and cultural exchanges have connected societies across the globe for thousands of years. The term "globalisation" became more commonly used in the late 20th century to describe the accelerated pace and intensified scope of global interconnectedness, but the process itself predates 1991 by a significant margin.