Question

25) Give appropriate examples for the following
Nature of the product
Name of the foreign company

Biscuits
computer

Cars
TV & Refrigerators
Stationary
Now find out if these companies which are mentioned above, existed in India before 1991
or came after the new economic policy​

Answer 1

Answer:

Marie gold

HP

BMW

Whirpool

Aphsara

Answer 2

After 1991 reforms, India transformed into an "Open economy"

Explanation:

    Name of the product        Name of the foreign company

• Biscuits                      -    Britannia
• Computer                  -    HCL
• Cars                           -    Maruthi Suzuki
• TV & Refrigerators   -    Samsung
• Stationary                 -    Camlin

How did New Economic Reforms benefitted India?

• Some companies like Samsung, Camlin, HCL came to India after the new economic policy. This was a giant leap in the process of  growth. India was one among the many countries which got benefitted by the foreign companies. Till then, India had signed agreements with other countries to import goods from the foreign countries which did not favour the growth of the country.
• After 1991 reforms popularly known as Liberalization, Privatization, Globalization (LPG policy) many Multinational Corporations started its own production in the Indian soil. The twin benefit from the LPG reforms is that India lacked on Capital goods and Technology and the gap was reduced by the foreign companies. At present, we see Transfer Of Technology (TOT) happening between countries. Thus India turned to be an Open economy.