Q. 104.8( 5 Votes )
How has competition benefited people in India?
Answer :
Globalisation and development of trade have resulted in increased competition. It has resulted in the availability of a greater choice of goods in the market for the consumer. Globalisation is the interconnection between counties through the expansion of foreign trade and foreign investment. It helps in the integration of the markets in different countries.
Globalisation has resulted in greater competition among the producers. The growth of MNCs has increased the competition very rapidly. Producers in the home countries compete with the foreign producers and products thus improving the quality of the goods and services produced. This greater competition has resulted in the improved standards of the products produced at a lower price. This increased quality of products at lower prices has raised their standard of living significantly. Consumers also have the choice to select commodities produced beyond the domestic markets. The prices tend to be equal in both the markets gradually. Thus, foreign trade widens the markets for consumers and helps in connecting the markets worldwide.
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