what are the basic function of foreign trade ? what is the impact of globalisation on the consumer of India?

The basic functions of foreign trade :
i) Foreign trade creates an opportunity for the produces to reach beyond the domestic markets.

(ii) Producers can sell their produce not only in markets located within the country but can also compete in markets located in other countries of the world.

(iii) For the buyers, import of goods produced in another country is one way of expanding the choice of goods beyond what is domestically produced.
The impact of globalisation on the consumers of India:
(i) Globalisation and greater competition among producers-both local and foreign producers-has been of advantage to consumers, particularly the well-off sections in the urban areas.
(ii) There is a greater choice before these consumers who now enjoy improved quality and lower prices for several products.

(iii) As a result, these people today enjoy much higher standards of living than was possible earlier.

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