Impact of Globalization on Small Scale Industries With special reference to Candle Industry in Nainital Town

Impact of Globalization on Small Scale Industries With special reference to Candle Industry in Nainital Town

Dr. Richa Ginwal1 and Dr. Daleep Kumar2

Assistant Professor

Department of Economics,

D.S.B. Campus, Nainital

email: richaginwal1@gmail.com

Assistant Professor

Department of Economics,

D.S.B. Campus, Nainital

email: daleep.economics01@gmail.com

Abstract

Globalization is the process of international integration arising from the interchange of world views, products, ideas and other aspects of culture. Economic Globalization is the increasing of economic interdependence of national economies across the world through a rapid increase in cross border movement of goods, services, technology and capital. In India MSMEs play a pivotal role in the overall industrial economy for the country. The MSME sector has been contributing significantly to the manufacturing output, employment and exports. However, globalization is largely affecting these small scale and cottage industries, although, the intensity of its effects are different and found to be positive as well as negative. The purpose of the present is to find out the effect of globalization on the candle industry of Nainital. A souvenir and attraction for tourists the candle industry is facing a severe setback due to globalization. This paper aims to find out the impact and reasons for this downfall of these famous souvenirs.

Keywords: globalization, candle industry, small-scale industry