Importance of Globalization
Mohammed Julfekar Haider
This article gives information about the importance of globalization.
The importances of globalization are as follows:-
(a) Proper use of Resources:
Globalization leads to expansion of markets and this enable organization to make proper use of available resources.
(b) Multiple choices:
No country is self sufficient and every country depends upon other country. Globalization has solved this problem and people can have better choice to satisfy their need.
(c) Foreign Exchange:
Globalization encourage exports and discourage imports. This help to earn foreign exchange.
(d) Creates Employment:
Globalization helps to provide employment to a large number of people. Multinational companies such as Business Process Outsource popularly known as Call centre employs and appoint a large number of personnel with high pay scale and other benefits.
(e) Government incentives:
Government also provides various incentives in taxes, custom duties, pre-shipment finance, post shipment finance and many more. This is done to encourage globalization.
Technology is the latest and fruitful outcome of globalization. It is the best even gift. Technologies not only increase efficiently but the organization and everyone having a little knowledge can update one and can stand by world. Globalization not only enables competition but also very much helpful for profit of maximization.
(g)Spreading of Risk of Loss:
Business thy name is risk. There may be different types of losses in every business. Various losses which may be in domestic market can be easily compensated from international market.
(h) Benefit to the consumers:
Globalization encourages free and fair competition at world level. Due to this, organizations try to supply quality goods and that also at a reduced price. This benefits consumers.
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