The effect of Multi National Companies on Indian economy is a debatable one. There are many fine points which needs to be deliberated before we can come to any conclusion about its effects on Indian economy and society. On one hand, they have brought tremendous economic development in India but on the other hand they have also worked, though unintentionally, to change the societal picture, which is not very rosy for the Indian society.
With the opening up of Indian economy, many MNCs entered into India. They brought tremendous amount of job opportunities and employment with them. In a very short span of time, standard of living of people working with these companies improved drastically. India started boasting some of the richest people on the earth. The increased income of individuals, in turn, made government also richer by earning much more taxes than before. This growth of economy further attracted more and more MNCs and Nation's face changed within five years. India is now called an IT Superpower instead of 'The Land of Snake-Charmers'.
But, if we scratch beneath the surface, we will find that everything has not bettered with the rise of MNCs in India. The effect on society has been scary. Indian, in a race to ape everything from west, have started forgetting their own culture and values. Money has concentrated in the hands of very few people, which has given rise to great resentment in the lower classes of society. Crime in the urban areas is on the rise. People have started living with insecurity because of the rise of nuclear families. People working in these companies are living much more stressed life in a bid to always perform better under pressure.
Hence, if MNCs have brought happiness to this country, it has its own miseries attached to it. Like a swan we need to pick the pearls and discard the unwanted. If India is able to maintain its cultural values, MNCs can definitely help her grow as the biggest superpower in the world.
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