The socioeconomic impact of globalization on developing
countries of the world: A comparative analysis of Nepal and India”
Introduction:
The study
behind the Globalization can be termed as the transfer of trade, technology,
cultures, investment in the international scale as an open border. A person or
country from East of the globe can trade with the person or country from West,
this is globalization. And talking about socioeconomic, it is combination of
Social, Cultural and Economic. Trade of goods and services has grown up rapidly
globally acting as attribute to the development. Globalization has not only
contributed to the trade but also to the technology and cultures. Globalization
has not only positive impacts but there are also controversial drawbacks too.
Undoubtedly
globalization has contributed a major role in developing socioeconomic
condition in developing nations. Mainly, globalization contribute toward trade
openness and Foreign Direct Investment (FDI) to the countries which are rich in
natural resources. The developing countries like India and Nepal are getting
benefits because of access to more capital, information technology and
addressing of unemployment issues. Developing nations are getting exposure to
international circle which has valued in the trade increasing national income,
increase in manufacturing industry and thus attracting Foreign Direct
Investment. Impact of globalization can be assessed in numerous ways like
impact on growth, income, Gross Domestic Product (GDP).
