Globalisation and greater competition among producers has been advantageous to consumers

Globalization and Indian Economy (10)

Globalisation and greater competition among producers has been advantageous to consumers. Support the statement with examples. 

Answer

Globalisation and greater competition among producers has been advantages to consumers :

  1. Globalisation and greater competition among producers both local and foreign has been of advantage to consumers, particularly the well off sections of urban areas.
  2. There is greater choice before these consumers who now enjoy improved quality and lower prices for several products.
  3. People enjoy higher standards of living.
  4. But the impact of globalization has not been uniform among producers and workers.
  5. Services of the top Indian companies have been able to benefit from the increased competition.
  6. They have invested in newer technology and production methods and raised their production standards.
  7. Wide ranging choice of goods in our markets is a recent phenomenon and have brought changes in lives of people.
Exam Year: 2015
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