Indian society is greatly influenced by the globalization. Globalization has not only integrated economic system but also has made integration of social aspects by bringing world together. Through this system people get closer and we get know to know world better. But there also exists unfavorable impact of globalization.
1. Foreign goods are of excellent quality and thus heavy as well as small scale industries in India are suffering because they fail to compete them.
2. Due to globalization many multinational companies have entered in India creating monopoly of MNC and hence many Indian industrial units have been captured by them.
3. Demand for foreign goods are increasing because they are cheap and also are of excellent quality at the same time. This has reduced demand for Indian goods creating reduction in Indian goods and hence unemployment has increased.
4. Economic inequality is one of the drastic negative impact of globalization. Globalization has provided more benefits to upper class people making them rich and on the other hand poor are becoming poorer. Hence, majority of livings in India suffer to get their basic needs.
5. Developed countries and some of international organizations have disregarded the policy of socialism and social welfare and hence poor Indians are in an intolerable situation.
6. Due to globalization pressure of international organizations such as World Bank, UNO, IMF etc. and developed countries like America and European countries on economic, political and financial policies of the government of India has been increasing.
7. Globalization has also become dangerous for our environment. To get more profit industrialists and multinational companies are excessively using natural resources and neglecting the protection of environment.
8. This has led to severe environmental problems such as deforestation, pollution, rise in atmospheric temperature etc.
9. Due to globalisation Indian youths are getting engaged in alcoholism, smoking which are injurious to health and it also has unhealthy impact on our future generation.
10. The impact of western culture and values like individualism, hedonism, utilitarianism, and consumerism is increasing.