V3I6P4

Impact of Technology on Modern Accounting

V. Nunmaran^1*, Dr. S. S. Onyx Nathanael Nirmal Raj²

Abstract

Globalisation has made a major impact on the business environment in India, particularly after 1991 and economic liberalisation in India, taking the country into the world-wide web of economies. By having access to markets overseas, the possibility for companies to attract international direct investment and adopting state of the art technology and operations, globalisation has opened up new horizons for Indian businesses. Indian companies such as Infosys, Tata Consultancy Services, and many others have opened their business in markets all over the world, reflecting the competitiveness of Indian companies in the International market place. The challenges of globalisation can be said to be: The threatened existence of small companies and local businessmen who have come under severe competition from global giants like Amazon and Wal MartJob lossesUnemploymentThere is also the problem of stress infestation in families resulting from the loss of jobs, which should be taken as a requirement of global issues, rather than something peculiar to India.