How have our markets been transformed in recent years? Explain with examples

How have our markets been transformed in recent years? Explain with examples.

AS consumers in today’s world we have a wide choice of goods and services before us.

  • The latest models of digital cameras, mobile phones and televisions made by the leading companies of the world are now within our reach.
  • Every season, new models of automobiles can be seen on Indian roads.
  • Today, Indians are buying cars produced by nearly all the top companies of the World.
  • A similar explosion of brands can be seen for many other goods from shirts to televisions to processed fruit juices.
  • Such wide-ranging choice of goods in our markets is a relatively recent phenomenon.
  • The transformation of markets has come because of legal institutions helping consumers in getting compensated and upholding their rights as consumers.
  • The producers in the market need to strictly follow the required safety rules and regulations.
  • The manufacturer in the market is now required to display information about the ingredients used, price, batch number, date of manufacture, expiry date and the address of the manufacturer.