I will say that globalisation has benefitted India in the following ways
(i) Increase in the volume of trade in goods and services.
(ii) More productive efficiency, less wastage of resources.
(iii) Increased volume of output, income and employment.
Whatever may be the fears of globalisation, I feel that it has now become a process which is irreversible and thus, we must be ready to accept globalisation and maximise our economic gains from the world market.

The various ways in which MNCs set-up or control production in other countries are
(i) Buy up a local production company.
(ii) Place orders for production with small producers, i.e. contract manufacturing.
(iii) By setting up a partnership (joint venture) with a local company.
(iv) Setting up their wholly owned subsidiary in the other country.
(v) By licensing or franchising their brand to a local company.

The entry of MNCs in the market has led to the availability of greater choice of goods for the consumers.

The government of India allowed imports of only essential items such as machinery, fertilizers, petroleum etc. after independence.

Foreign trade creates an opportunity for the producers to reach beyond the domestic market, i.e., markets of their own countries.

Indian government has taken special steps to attract the foreign investors to invest in India. Industrial Zones called Special Economic Zones (SEZs) are being set up for the same purpose. SEZs are to have world class facilities such as electricity, water, roads and transport.

World Trade Organisation (WTO) forced the developing countries to remove the trade barriers.

Government can use trade barriers to increase or decrease foreign trade and to decide what kind of goods and how of each good should come into the country.

The benefits that local companies can get are:
(a) MNCs can provide money for additional investment like buying latest and new machines for faster production
(b) MNCs might bring the latest technology of production with them.

Globalisation is not providing to be a fair deal. Fair globalisation would create opportunities for all and also ensure that benefits of globalisation are shared better.
(a) Government policies must protect the interests of not only the rich and powerful but of all the people in the country.
(b) Government should ensure that labour laws are implemented properly and workers get their due share.
(c) Small producers should be supported to improve their productivity and performance so that they can compete for international market.
(d) Government can use trade and investment barriers, if needed.
(e) Government should be ready to negotiate at WTO for ensuring fairer rules.
(f) If necessary, government should align with countries with similar interests to oppose the domination of major and powerful players in WTO.

The improvement in technology has stimulated the globalisation process as:
(a) There has been many improvements in transport technology in the recent years that have enabled faster delivery of goods across the world.
(b) Development of information technology in the areas of telecommunication, internet has revolutionised the world.
(c) Use of telegraph, mobiles, fax have enabled easier access to information anywhere at any point of time.
(d) All these developments have further decreased the cost of their operations favouring the consumers around the world.

Globalisation is indeed a fun because of rapid overall changes in the field of production, consumption, trade, banking, market etc.
(a) Foreign investment by MNCs in many countries around the world has been on the rise thereby stimulating overall growth.
(b) Not only that, foreign trade between countries is rapidly rising, with goods travelling faster from one market to another.
(c) Consumer, today, is the king, as he has a large variety of products to choose from and enjoy improved quality at a lower price. All this is attributed to the onset and success of globalisation.
(d) Producers of today are getting an opportunity to reach beyond the four walls of their domestic boundary. They face cut-throat competition, which acts as a stimulus to produce high quality and competitive global products.

Globalisation is not providing to be a fair deal. Fair globalisation would create opportunities for all and also ensure that benefits of globalisation are shared better.
(a) Government policies must protect the interests of not only the rich and powerful but of all the people in the country.
(b) Government should ensure that labour laws are implemented properly and workers get their due share.
(c) Small producers should be supported to improve their productivity and performance so that they can compete for international market.
(d) Government can use trade and investment barriers, if needed.
(e) Government should be ready to negotiate at WTO for ensuring fairer rules.
(f) If necessary, government should align with countries with similar interests to oppose the domination of major and powerful players in WTO.