Question

Briefly discuss the impact of government policy change on business and industry

Answer 1

Explanation:

Change in Business Policies: The government policies directly impact the functioning of the business enterprises. As a result, they have to alter their policies appropriately. iv. Technological Changes: As competition increases firms tend to find new and innovative ways to survive in the market.

Answer 2

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The policies of liberalisation, privatisation and globalisation by the government affect the functioning of the business enterprises. The following points highlight the impact of government policy changes on the business and industry.

★ Increased Competition:

As a result of the policies such as relaxation of the licensing policy and reduction of import duties, the competition faced by the dothe domestic firms increases. India companies experienced competition in service industry such as telecommunication, banking, insurance, etc.

 ★ Increased Demand:

As competition increases, the choice of goods and services for the consumers also increases. Thus, consumers also gain from quality products and greater variety.

★ Change in Business Policies:

The government policies directly impact the functioning of the business enterprises. As a result, they have to alter their policies appropriately.

★ Technological Changes:

As competition increases firms tend to find new and innovative ways to survive in the market. In such a scenario, technological improvements become imperative.

★ Need for Trained Personnel:

Innovations and improvement in product, application of improved technologies requires skilled and trained personnel. Thus, there arises a need for the development of human resources.

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