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Social Science: Globalisation and the Indian Economy - Impact and Fair Globalization

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"Globalisation and greater competition among producers has been of advantage to consumers." Justify the statement with examples.

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Solution

Globalisation and greater competition among producers has been of advantage to consumers due to the following reasons:

1. Consumers benefit from the lower prices.

2. Better quality of products arising from increased competition

3. Increases the purchasing power of an individual

4. Best practices of production gets disseminated across political boundaries

Concept: Impact and Fair Globalization
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