Q. 45.0( 2 Votes )
Explain the benefits arising from adopting indigenous products.
Globalization means the interaction of the domestic economy with the large global market. Indigenous products are products that are originated or developed by the people in a particular country, region or environment. The indigenous market in a globalized economy has both negative and positive effects.
It has become a necessity to participate in the global market as all the countries do not have access to all the resources or the best technology. The labor may not be adequately skilled, and the cost of production may differ. So, the country can rely on each other for the best resources, technology, skilled labor and an effective cost of production. So, if we wish to use only indigenous products, there is a high chance of producing substandard goods at a high price with an unstable form of technology. With the lack of inputs, exports may also be curtailed. A series of unfavorable effects will be continued. So, to develop the indigenous market on a sound basis show, the following steps can be undertaken :
1. A good workforce
2. Innovative and risk-taking investors
3. A suitable market where this industry can grow.
Apart from this, we can make the indigenous market develop by making it modern, skilled and capable of competing in the world market. This would help to create more job opportunities and reducing poverty. The technology of the country would improve, which in turn would help the economy as a whole.
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