Question

How have markets been transformed in recent years? Explain with examples.

Answer 1

earlier market were on roads but now in malls and online

Answer 2

Changes in Indian Market

Explanation:

The Indian government opened up the Indian market through its policies of liberalization and globalization in 1991. Since then the Indian market has transformed as follows:

1. Indian goods and services are exported all over the world and likewise a wide variety of good and services are imported and available to Indian people.
2. The increase in competition and import of latest technology has resulted in better-quality products.
3. During to the increased scale of production and modern technology, cost of production has decreased leading to quality products available at lower cost.
4. Advanced technology had made latest gadgets available.
5. With the advent of e-commerce, shopping habits have changed to online platforms.
6. With foreign investment and multi-national companies setting up business in India, it has increased employment and consequently the spending power of people.