Even the Third World Countries are Reaping the Benefits of Globalization.
The world can truly be termed as a global village, bearing the fact that it has virtually shrunk. This characteristic of globalization has given an enormous boost to business all over. Its only because of globalization that nowadays its possible for the companies to make big deals with the off shore companies. To site an example lets take into account the multi billion dollar deals made recently by the companies of a third world country like India. The interesting thing is that Indian companies are no longer going for small and loss making foreign companies; they are targeting the big multi- nationals. On the other hand even the big international concerns are now entering the Indian market and making profits. The deals are as follows-
- The 12.1 billion dollars buy out of the Anglo Dutch steel company Chorus by Tata steel making the latter the world's 5th largest steel company,
- The buy out of the aluminum giants, Canadian Novelis by Aditya Birla group's Hindalco at approximately 6 billion dollars making it the number 1 aluminum company in the world.
- The entry of the telecom giants Vodafone with the 67% buyout of the Hutchison-Essar and taking over hutch.
This is the scenario in a poor country like India, so the scenario in the developed countries can well be imagined. Cheap labour is one of the most luring factors for the foreign countries to open branches in India and China. And the people working for these countries are also happy as they are very well paid. This is one of the major factors contributing to the handsome finances of the middle class. Therefore it is very rightly said that globalization has done most good in the field of business and finance.
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