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The advent of globalization as a result of liberalization and privatization has both positive and negative impacts on our economy. While one group of people argue that globalization provides greater opportunities, opens up new markets, promotes the use of better technology and increases the efficiency of production, another group of people feel it does not protect the domestic industries particularly in developing nations. From India's perspective, globalization has improved our conditions of living and opened up employment in fields like entertainment, IT, telecommunication, travel and hospitality.

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