What are globalization and the role of globalization in the Indian economy?

Globalization is the trade of products between companies residing in two different countries. The post globalization is involving many companies from all the nations to participate in the most significant global platform. The states have to possess a robust logistics system to rank themselves on one of the top sectors in the globalization countdown. The rank of India in globalization trends is 44. One of the prime reasons for the lower levels of India in globalization is the lagging of the country’s weak logistics system. The World Bank’s logistics performance reports also provide alarming stats for India’s weak logistics system when we compare it with counterparts like China, Thailand, Vietnam, and Malaysia who have ranks of 26, 32, 39, and 41, respectively.

One can purely blame the skill gaps and the infrastructural deficiencies for the poor performance of the logistics sector on global platforms. The logistics department of the country has to improvise the communication and coordination between the paramount stakeholders, which can contribute to the development of the logistics department affecting the Indian economy considerably.

The performance of Indian logistics at global platforms

According to economics, the entire earth is the global village, and hence the globalization cannot be considered as a thing to surprise. The advancement of technology and the love for people to fetch all their daily needs and desired products right next to the door can be considered as one of the prominent reasons for the globalization. After the aftermath of the US-China trade war, many global business leaders are finding the best places in remote locations to create profitable opportunities.

The significant hurdles of Indian economy

When we consider the stats of India on diverse global economic factors like ease of doing business in the country, India has moved 14 spots from 77 to 63 showing good signs of economic development. Indian economy still lags on this platform as it ranks behind countries like Vietnam and Thailand who are prime spots of investment for global business leaders. India should also concentrate on the policies offered by countries like Vietnam and Thailand, which are attracting large companies of the global market to invest within their borders. Thailand also provides strings of investor-friendly options for investment, making it one of the best countries when both areas an option for investment.