Impact of globalization on average Indian
Globalization as an interactive connection of global countries for mutual benefits has always been in existence through the course of history. In recent times, this term has acquired a restricted connotation – that pertaining to economic issues.
The last two decades have seen the emergence of revolutionary technologies in the area of communications. The evolution of new techniques of communication like wireless telephones, internet and mobile telephone devices have heavily impacted global economic life. India is no exception to this impact.
The effects of globalization on an average Indian have to be seen in the backdrop of its economic and cultural ramifications.
The average Indian has become more wealthy and productive during the above phase of globalization. It has effected a quantum jump in the living standards of the professional upper middle class. It has opened up opportunities to large business houses to diversify, expand, acquire offshore companies and enter into mergers and collaborations with international business entities. It has enabled foreign investors to invest in Indian companies and Indian stocks through the Indian stock exchanges. But has globalization resulted in a quantum jump in the per capita GDP or income of the country? In early nineties, the per capita income of India was about USD 500. Today, as per records of NCAER (National Council of Applied Economic Research), the per-capita income stands at about USD 1000. This translates into an annual average growth rate of 3.5%. The figure pales in significance when compared to the average gross economic growth rate of about 6.5% declared by our official and non-official agencies. The average Indian’s earnings have grown by a measly 3.5% over a 20 years period of economic reforms of which globalization is a component. It may be emphasized here that the above stated figures of per capita income do not account for decrease in purchasing power of the US Dollar, a trend witnessed from 2002 to 2010.
The middle class and the upper class of the Indian society have, as stated above, benefitted from globalization in a marked way. With the arrival of MNCs in automobile, telecommunications and information technology (hardware and software) sectors, employment opportunities have increased and so have salaries for professionals in the upper echelons of business organizations. But the lower class and the BPL (below Poverty Line) people have not tangibly benefitted from globalization.
The six years, from 2004 to 2010 witnessed a huge spurt in money supply in the country sending prices of real estate, bullion and stocks soaring. The BSE sensex recorded a fivefold increase; bullion registered a four fold increase and average prices of real estate increased by 7 to 10 times. In the absence of sizeable growth in income of Indians, this was preponderantly the result of entry of colossal amount of money in India through FDI route.
The above entry of huge capital has not helped the common man because most of this money was absorbed in non productive investments like real estate and bullion thus pushing their prices into the non-affordable zone.
Globalization has affected the average Indian in myriad ways. It has increased crass commercialism and made the average population more materialistic. Is it not evidenced by far more money spent on items of mass consumption, on comfort, luxury and entertainment and general attitudinal changes? Fast food chains and outlets have bred fast food habits; exposure to western culture has brought permissiveness, especially among youngsters. In the name of greater individual independence, traditional virtues of joint family system are being jettisoned. Life in general, has become more competitive and consumerist which has bred enormous stress. Technological implements, in many cases, have been used for wrongful ends. An example is the ultra sound apparatus which has been brazenly misused for aborting female children in the womb. A highly skewed sex ratio of 940 females to 1000 males is a pointer at this. Crime and corruption have, understandably, gone up and the average population has palpably grown more individualistic, intolerant and selfish than before.
A commercial blend of Indian and western music with its loud notes and cacophony has replaced the lilting melodies of Bollywood composed in sixties, seventies and eighties. And our youngsters relish such admixture – which shows the profound effect of globalization on the tastes of our youth. It has diluted their taste of the classical, pure and has made the eclectic popular. Similar effects are observable in cine acting, theatre and dance. The worst effect of globalization has been on the intellect of our educated elite. They are a confused lot today. The reason for this is heavy bombardment of ideas and information from all over and the inability of Indians to reconcile them with their traditional notions and concepts.
Globalization has brought positive effects too. The huge opportunities for education and employment --inland and overseas, thrown open by the process have been well exploited by our youth and professionals. And Indians have excelled everywhere. A remarkable, salutary effect of globalization has been in reshaping our basic outlook to make it more rational. Like never before, the youth of today seems to reject caste system and even some religious rituals which it views as superstitions. Middle class professional youngsters are jumping caste and community barriers in marriage. This welcome change can only be credited to globalization.
But whatever effects globalization may have produced – positive or negative, we Indians need to have better comprehension of our cultural moorings. Our traditional culture of the days of the yore which was universalistic and broad based should remain our reference. Against this reference or criterion, we need to fine tune the present systems and ideologies. Otherwise, there is a danger of losing focus and getting plunged into an identity crisis, which, if continued, can detriment our progress.
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