(a) 'Globalisation is a multi-dimensional concept. 'Examine the statement.

(i) The dimensions of globalization are economic, political, cultural and ecological.

(ii) Globalisation is a flow connecting integration of technology investment, goods and services.

(iii) Liberalisation of foreign trade has resulted removal of trade barriers, Special Economic Zones(SEZ), Foreign Direct Investment(FDI), disinvestment, privatisation etc.

(iv) Deregulation and openness of foreign trade and foreign investment vests with the political domain.

(v) Working of MNCs at national and international levels has also promoted globalisation across borders.

(vi) Greater choices have been provided to the consumers with improved quality and lower prices.

(vii) Higher standards of living and better quality of life.

(viii) Spread of new technologies, technical production methods and production standards have been improved.

(ix) Working with WTO and IMF has become possible due to globalisation.

(x) Foreign trade has resulted in connecting markets and integration with different countries.

(xi) Cultural relations with other countries have improved due to globalization.

(b) Examine the steps taken by the developing countries to attract foreign investment.

(i) Developing countries have taken special steps to attract foreign companies to invest in their Industrial zones.

(ii) Special Economic Zones (SEZs) have been setup to provide world class facilities: electricity, water, roads, and transport, and storage, recreational and educational facilities.

(iii) Companies who set up production units in the SEZs do not have to pay taxes for an initial period of five years.

(iv) Government has also allowed flexibility in the labour laws to attract foreign investment.

(v) Linkage of liberalization and privatization.

(vi) Instead of hiring workers on a regular basis, companies hire workers ‘flexibly’ for short periods when there is intense pressure of work. This is done to reduce the cost of labour for the company.

(vii) Foreign companies are demanding more flexibility in labour laws.

(viii) Liberalisation of foreign trade has resulted removal of trade barriers, Special Economic Zones(SEZ), Foreign Direct Investment(FDI), disinvestment, privatisation etc.

(ix) Deregulation and openness of foreign trade and foreign investment vests with the political domain.

(x) Working of MNCs at national and international levels has also promoted globalisation across borders.