Explain any five negative impacts of liberalization and globalization.
Answer: Following are the negative effects of liberalization and globalization.
(i) Threats from multinational companies (MNCs): With the arrival of multinationals, it is becoming difficult for small and medium business units to even survive. The massive entry and consolidation to multinationals in the Indian markets is a challenge that has already forced some business enterprises to take the exit route.
(ii) Destabilization of the protected environment: With the easier entry of multi-national companies, the Indian business environment is fast losing its protective shield. The new entrepreneurial freedom is creating problems for the existing players. Even manufacturers of Maruti cars could not retain their market share and had to remodel their products and announce heavy price reductions from time to time.
(iii) Decline in the public sector: Public sector is losing markets and their capacity utilization has declined, hampering thereby pace of the country's technological and economic growth.
(iv) Sellers' market turned into buyers' market: With the entry of foreign goods .and services, the shortage of goods, which is a boon for the sellers, has now turned into a surplus. Resultantly, sales/margin to any sellers has come down substantially. Buyers are now free to buy any product of their choice at a price they can afford.
(v) Fall in the value of rupee: Indian rupee has been devaluing against DOLLAR, EURO and many other foreign currencies. This phenomenon has forced even some established exporters to encase their stake partly/fully.
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