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

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In recent years how our markets have been transformed? Explain with examples.

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Solution

In the recent years, our markets have been transformed in the following ways:

(a) Trade barriers have been removed.
(b) Flow of capital is smoother.
(c) New international brands have been introduced in the market.

For example: Till a few years back, India had faced quite a close market. There were only a few domestic market players that served the needs of the consumers. Due to this, the choices available to the consumers were quite less. There was no competition from the foreign market, which meant that the domestic producers paid little attention towards the research and development and further improving the production and the produce. However, with the economic reforms of 1991, Indian markets have witnessed tremendous changes. Today, a large number of foreign players have entered the Indian markets, which has added to the choices available to the consumers. For instance, MNCs such as Subway, Coca Cola and Nestle have provided a variety of choices in the field of food and beverages.
The consumers have benefited not just in terms of variety of products, but also in terms of the quality of products that are now available.

Concept: Impact and Fair Globalization
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