question_answer

In recent years how our markets have been transformed? Explain with examples.

Answer:

Transformation of Markets in recent years:

(i) The advent of globalization and the policy of liberalization has opened the market to the world. The economy of our country has rapidly grown with the onset of LPG. i.e., Liberalization, Privatization and Globalization reforms since 1991.

(ii) MNCs play a vital role in the world market and as a result, foreign trade and investment in the country has increased. MNCs are playing a major role in the market by introducing exchange of technology between countries.

(iii) Foreign trade affects the integration of domestic markets in different countries.

(vi) Also, globalization has enabled some large Indian companies to emerge as multinational companies themselves. Forex Tata Motors (auto-mobiles), Infosys (IT), Ranbaxy (medicines) are some Indian companies which are spreading their operations worldwide.