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.
In the present times we see the functioning of several MNCs in the market. This is one aspect of the globalisation. One important characteristic of this are:
- removal of trade barriers
- free flow of capital
You may also refer to the following link:
www.meritnation.com/ discuss/question/2024135/1/ how-does-forign- trade-lead-to -integration-of-markets- acro