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Globalisation and liberalisation


Question:- How have customers benefited by increased competition after liberalisation and globalisation?
Answer:- INTRODUCTION :-Liberalisation and Globalisation
Liberalisation means the opening of the country for foreign investments and capitals. Trade barriers are often used by countries to protect the domestic industries from the products of a foreign land. usually, countries resort to imposing Licenses, Import quotas or Voluntary export restraints to protect local markets. Globalisation is an international integration which involves the exchange of products, services, ideas, business practices and cultures. It has emerged as one of the dominant factors responsible for shaping the future pattern of the world market.
DISCUSSION
Globalisation has boosted the flow of foreign investment in India through certain industries like petroleum, BPO, manufacturing, and pharmaceutical industries. Various international firms have set up industries in India mainly in sectors like IT, manufacturing, pharmaceutical, etc. It has not only opened the boundaries for India but also provides new and advanced technologies. The availability of goods and services at low cost to the worldwide market has been made possible with the help of globalisation. It encourages inflow and outflow of capital among different countries. In liberalisation, it helps in increasing economic growth and industrial turnover. Liberalisation rises internal competitiveness of industrial production, foreign investment and technology and reduces the debt burden of the country.
CONCLUSION
There were some restrictions and regulations in the economy related to private sectors and market which were liberalised with the condition from WTO.Later they have got the freedom to decide the price in the market also types of goods to be produced.But after the globalisation, there were no proper benefits to customers and also there were negative impacts on developmental and welfare expenditures.
By Mohini M Priyadarshini Pradhan 
Mba1st

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