How have Indian markets been transformed in recent years? Explain with examples.
- The economy of our country has rapidly grown with the onset of LPG (Liberalisation, Privatisation and Globalisation) reforms in 1991.
- MNCs play a vital role in the world market and as a result foreign investment in the country has increased.
- Foreign trade effects in integration of domestic markets in different countries.
- In recent times, technology in the areas of telecommunications, computers and internet has been changing rapidly.
- Globalisation has also created new opportunities for companies providing services, particularly those involving IT.
Also globalisation has enabled some large Indian companies to emerge as multinationals themselves. Tata Motors (auto- mobiles), Infosys (IT), Ranbaxy (medicines) are some Indian companies which are spreading their operations worldwide.