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Social Science: Consumer Rights - How a Consumer Should Be in a Market

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“Globalisation and greater competition among producers has been advantageous to consumers.” Support the statement with examples.

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Solution

Globalisation and greater competition among producers has been advantageous to consumers as follows:
i. Increased investments in the Indian markets by MNCs have led to the growth of the Indian economy by increased production in many fields such as automobile, cell phone, soft drinks, fast food and garments. MNCs have given vast choices of products to the consumers.
ii. Globalisation has opened new and many opportunities for companies in the service sector, especially the IT companies. These companies have offered their cheap but efficient consulting services to many nations. This has also created millions of jobs in India.
iii. Technological innovations in the fields of telecommunications, computers and the Internet have helped people to communicate with each other despite being living in different geographical locations. This has also helped various companies in administering and expanding their business in many countries located in different time zones.
iv. Outsourcing is the major outcome of the globalisation process. A company hires regular services mostly from outside the country or within the country like BPO or call centres, banking service, teaching, maintenance of accounts etc. Many MNCs are outsourcing their services to India at cheaper rates with moderate accuracy. In the post reform period, India has provided global outsourcing with the availability of skilled manpower at low wage rates. In India, outsourcing has generated new employment opportunities.

Concept: How a Consumer Should Be in a Market
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