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CBSE Class 10 - Social Science: Globalisation and the Indian Economy - Concept of Globalization and Factors

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Question

"Globalisation has been advantageous to consumers as well as to producers." Support the statement with suitable examples.

Solution

Globalisation has benefitted the producers and the consumers in the following ways:
i) Globalisation has led to an intense increase in industrial competition. As a result, producers are falling over each other to provide better and cheaper services to the consumers. This has also resulted in reduction in the prices.
ii) With the initiation of globalisation, producers now have relatively free access to international markets. Also, they can now avail more easily of the credit facilities forwarded in terms of capital and technology.
iii) This is illustrated by the example of the electronic goods and garments industry. The process of globalisation has benefitted both the producers and consumers in these fields.

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Solution Concept: Concept of Globalization and Factors.
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