(a) (i) Liberalisation has resulted in enormous increase in foreign direct investment. Many MNCs entered in the Indian market after India adopted the policy of liberalisation.
(ii) With the introduction of liberalisation, the monopoly of public sector has been reduced.
(iii) Increase in the employment opportunities was also a game changing result of liberalisation.
(iv) More investment in Indian market also resulted in more employment opportunities. When new sectors like IT, communication evolved, they resulted in increase in economic development of the nation.
(v) Introduction of MNCs led to the competitive spirit in Indian market. Thus, development in technology due to use of foreign technology in industrial applications was bound to happen.
(vi) After India adopted the policy of liberalisation, privatisation and globalisation. Indian buyers have variety of products in the marker to choose at lower prices. As a result, they enjoy much higher standard of living than was possible earlier.
OR
(b) The impact of Globalisation on producers and workers has been different.
Impact on producers:
(i) Globalisation has hit hard the small producers because they are unable to compete with MNCs or the big producers. Several units have been shut down rendering many workers jobless.
(ii) The big producers enhance their production skills to survive in the Indian market. Either to tied up with the MNC or they increased the investment in newer technology and production methods and raised their production standards.
(iii) Moreover, globalisation has reduced the cost of manufacturing goods considerably. The cost of raw material has been reduced due to interlinking of markets.
Impact on workers:
(i) Thousands of small producers and workers have seen their employment and workers' rights erode. Worker's jobs are no more secured in MNCs. This led to the broadening of unorganised sector.
(ii) On the other side, globalisation also led to enhancing the income level in some areas and lowering the economic inequality gap of some regions.