World Shifts Away From Globalisation, India Sees Opportunities and Challenges
The world is witnessing a shift away from globalisation, with governments prioritising national resilience over international openness. This cautious approach to free trade and migration movie is leading to a splintering into blocs. India, in particular, faces both opportunities and challenges in this new landscape.
The retreat from globalisation is driven by a backlash against its uneven benefits. While it lifted millions out of poverty and re-engineered entire sectors, it also caused job displacement, fuelled migration movie fears, and exacerbated wealth disparity. The information revolution, once thought to flatten hierarchies, now leaves younger generations like Gen Z grappling with joblessness and precarious employment.
As globalisation recedes, identity politics, ultra-nationalism, and religious revivalism are resurfacing, deepening regional fault lines. This reversal is not without opportunities, however. India, for instance, is emerging as a trusted alternative for global supply chains, diversifying its semiconductor production through partnerships with multinational companies like ASML and Tata Electronics. Strategic cooperation with the European Union is also on the cards to reduce dependency on China.
The retreat from globalisation presents a complex picture. While it brings challenges like reduced export markets and neighbourhood instability for India, it also offers opportunities for diversification and strategic partnerships. As the world splinters into blocs, nations must navigate these complexities to ensure resilience and prosperity.
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