How has globalization been advantageous to both producers as well as consumers in India? Explain ( 4 marks 5 points)
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To Producers. Several of the top Indian Companies have been able to benefit from the increased competition
- They have invested in newer technology and production methods and thereby raised their production standards.
- They have gained from successful collaborations with foreign companies.
- Globalization helped in the development of IT sector.
- Good quality products are being produced at lower prices.
- To Consumers, There is greater choice before consumers who can enjoy improved quality and lower prices for several products.
- People today, enjoy much higher standards of living than was possible earlier.
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