Beginning with the early 1980’s the world has been experiencing unprecedented pace in the expansion of global trade, financial flows and spread of transnational production. This process has come to be widely known as globalisation . It is aided by the revolution in information and communication technology (ICT) which has compressed time and space, While there rapid changes are seen as necessary to sustain fast growth , there are also concerns that the globalisation process by hastening resource exploitation and by increasing industrial activity , especially in the energy and transport sectors , has been causing considerable damage to environment.
TNCs have been active at the international level from the days of mercantilism for the last five centuries .Collectively , these corporations operating in more than one country now account for about one-quarter of global output. The annual foreign sales of the largest 100 TNCs (trans National Corporations) amount to 2.1 trillion dollars . This is equivalent to about 7% of the global GDP and more than 25 % of the world trade. It is also larger then the combined GDPs of south Asia and sub-Saharan Africa, home to one-third of the world’s population. Comparing the company turn over with GDP , half of the world’s largest 100 economic entities are not countries, but corporations . Wall-Mart , General Motors and Ford have a bigger turn over than Africa’s entire combine GDP . Mitsubishi and Toyota have a turn over comparable to the GDP of countries such as Greece and Portugal . The combined sales of Wall Mart , IBM and Nestle are equivalent to the GDP of Mexico or India.
So the need of houris actively working for gaining access to these global giants by keeping environmental and geographical interests into consideration and allowing these global multinational corporations to operate in this Industrially backward state by locating their field of operation in this blessed land of mysterious flora and fauna in a free, fair, transparent and unbiased manner so that the curse of un-employment is restricted to a larger extent .
Concluding in the mystic poetic stanzas of Allama Iqbal (RA) .
The author is practicing
advocate at Chamber No. 104
High Court of J&K Srinagar wing.