“Globalisation and greater competition among producers has been advantageous to consumers”. Support the statement with example.
Globalisation and greater competition amongproducers-both local andforeign, has been of advantage to consumers in the following ways
(i) Companies have invested in new technology to raise their production quality to compete with the MNCs, thus, ensuring that consumers get better quality products and be satisfied.
(ii) Indian companies have collaborated with MNCs to produce more functional and advanced products, thus, benefitting the consumers.
(iii) Consumer can enjoy improved quality at lower prices for several products. This has led to higher standard of living.
(iv) Due to competition the prices of various products had come down.
(v) The well off section of people in urban areas got much of the benefits of globalisation.