Question

`Globalization has been advantageous to both producers and consumers in India'. Explain the statement critically.

Answer 1

Answer:

1) Globalisation has lead to greater choice for consumers who now enjoy greater quality with cheaper rates as a result standard of living has increased. 5) A host of new services like engineering, accounting and data entry etc. Have expanded and their services are being exported.

Answer 2

Globalization

Explanation:

Globalization is the openness to foreign investment and trade. Globalization has improved the development of many countries, including India, as it creates economic interdependence among the countries.  

Advantages to Producers:

1. Boosted inflow of foreign capital
2. Transfer of technology from developed countries
3. Wide market for products

Advantages to consumers:

1. Reduced poverty
2. Increased employment
3. Availability of quality goods.
4. Wide choice of products.
5. Nominal pricing due to increased competition.

Thus globalization benefited both the producers and the consumers.