how has globalisation been advantageous to both Producers and Consumers in India (5 points)
Answers
1. Consumers now enjoy numerous choices as well as better quality since it is now an international market.
2. Competition between companies has lowered the prices on similar goods.
3. Numerous jobs have been created by the work of the MNCS and local companies collaborating with them also have earned huge profits.
4. Many domestic companies have improved technology and production methods due to competition from MNCs.
5. Some of the Indian companies have themselves become MNCs themselves like Tata Motors, Infosys, and Ranbaxy.
Globalisation has been advantageous to producers in the following ways
(i) The producers now have access to the international markets.
(ii) Globalisation has also enabled free movement of capital, i.e., via electronic transfers, etc.
(iii) Globalisation has enabled access to foreign investment in capital and technology via Foreign Direct Investment, etc.
Globalisation has been advantageous to consumers in the following ways :
(i) Globalisation has led to employment generation, as a result, beneficial to the consumers.
(ii) Globalisation has also given rise to intense competition due to opening up of markets to foreign companies. As a result, this has led to the increase in product quality and decrease in the prices of the products.
(iii) The consumers have benefited from the arrival of MNCs as they have now larger choice in the goods that are available to them in the market.