Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Indian Economic Development: Liberalisation, Privatisation and Globalisation - An Appraisal

Question:

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 polices that are aimed at transforming the world towards greater interdependence and integration. It is turning the world into one whole or creating a borderless world. Outsourcing is one of the important outcomes of the globalisation process. In outsourcing a company hires regular service from external sources, mostly from other countries, which was previously provided internally or from within the country. As a form of economic activity, outsourcing has intensified in recent times because of the growth of fast modes of communication, particularly the growth of information Technology (IT). India have become a favourite global outsourcing destination in the post reform period.

Which according to you is not an outcome of globalisation ?

Options:

Outsourcing

Colonialisation

Growth of Information Technology

Increase in economic activity

Correct Answer:

Colonialisation

Explanation:

The correct answer is option (2) : Colonialisation

The outcome of Colonialization is not considered an outcome of globalization. While globalization involves integration of economies and societies across the globe through trade, technology, and investment, colonialization historically refers to the establishment and maintenance of colonies by one country over another, often for economic exploitation and control. While globalization has impacts on economic activities and technological advancements, colonialization is a specific historical process rather than a direct outcome of contemporary globalization processes.