Deglobalisation and India

 

Deglobalisation is a movement towards a less connected world characterized by powerful nation-states, local solutions, and border controls rather than global institutions, treaties, and free movement. It is often seen as the reversal or decline of the effects of globalization, which is the process of increasing interdependence and integration between countries in terms of trade, investment, culture, and communication.

The challenges and opportunities for India in terms of deglobalisation depend on the extent and nature of the phenomenon, as well as the responses of the Indian government and businesses. Some possible scenarios are:

• If deglobalisation leads to a patchwork of economic linkages, as suggested by liberalism¹, India may face difficulties in accessing some markets and resources that are restricted by protectionist measures or geopolitical tensions. However, India may also benefit from its large domestic market, its diversified economy, and its strategic partnerships with other countries such as the US, Japan, Australia, and the EU.
• If deglobalisation leads to the emergence of economic blocs around major countries, as predicted by realism¹, India may have to choose between aligning with one of the blocs or maintaining its autonomy and non-alignment. This may entail trade-offs between economic gains and political costs. India may also have to balance its relations with China, which is likely to be the dominant power in Asia and a rival to India’s interests and values.
• If deglobalisation is accompanied by digitalisation, as argued by some scholars², India may have an opportunity to leverage its vast information technology (IT) workforce and its IT training centres to provide services and solutions to global clients in areas such as artificial intelligence, blockchain, Internet of Things (IoTs), and cloud computing. India may also have a chance to develop its own digital platforms and ecosystems that can compete with those of the US and China.
• If deglobalisation is influenced by the green transition, as implied by some analysts³, India may face challenges in meeting its energy needs and reducing its carbon emissions while maintaining its economic growth and development. However, India may also seize opportunities to invest in renewable energy sources, green technologies, and low-carbon industries that can create jobs and enhance its competitiveness.

To understand more about this concept, you can refer to some internet sources such as journal articles, research papers, YouTube videos that I have found for you using my predefined tools. Here are some examples:

• A journal article that unpacks the possibilities of deglobalisation and discusses its implications for manufacturing and trade⁴.
• A research paper that examines the theories, predictions, and opportunities for international business research on deglobalisation⁵.
• A youtube video that explains what deglobalisation means and what it means for efforts to address global challenges⁶.