Abstract: This article focuses upon the impact of globalization on the economy of our country and whether foreign investment in every sector is going to give a positive result or not. After globalization, India has achieved a lot and gained in almost all the sectors. It has attracted a large amount of FDI. All the developed countries are interested to keep economic relationship with India as economic globalization plays a major role in shaping the country’s future. Many big companies want to invest in India. We can take the example of steel plants in India. Indian market has a huge potential in terms of steel consumption. Government of India also wants to establish steel plants all over the country seeing the potential of the Indian market. Among other big projects, POSCO steel is a big and ambitious project of the government. POSCO is mainly a South Korean company who has a lot of joint ventures in other countries. If the project is worked properly, India can be an economically progressive country. Seeing the steel production in India, POSCO proposed to build a 12 million ton steel project in Paradeep, Odisha in 2005.it slated to start production in 2010. The project would fetch revenue up to 7 to 8 billion annually for the Indian government and provide direct and indirect employment to almost 50,000 people. But due to strong opposition from the localities the project has not been able to proceed. The land acquisition process is still under controversy. Only time will tell whether this project is only become a controversy or a solution for shaping the future of the country.
Keywords: Potential, Approval, Environmentalist, Clearances, Proposed, Acquisition, Globalization.
Title: POSCO: A CONTROVERSY OR A SOLUTION FOR SHAPING THE FUTURE OF OUR COUNTRY
Author: GAYATRI MISHRA
International Journal of Social Science and Humanities Research
ISSN 2348-3164 (online), ISSN 2348-3156 (Print)
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