Question

Impact of Government Policy Changes on Business and Industry
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Answer 1

The policy of liberalization, privatization and globalization of the Government has made a significant impact on the working of enterprises in business and industry.

These challenges can be explained as follows:

(i) Increasing competition: As a result of changes in the rules of industrial licensing and entry of foreign firms, competition for Indian firms has increased especially in service industries like telecommunications, airlines, banking, insurance, etc. which were earlier in the public sector.

(ii) More demanding customers: Customers today have become more demanding because they are well-informed. Increased competition in the market gives the customers wider choice in purchasing better quality of goods and services.

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Answer 2

Answer:

Some of the impacts of changes in government policy on business and industry are: 1. Increasing Competition 2. More Demanding Customers 3. Rapidly Changing Technological Environment .

Explanation:

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