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What is one effect of liberalisation in the industrial sector?

AFewer job opportunities

BHigher import taxes

CComplete government control

DIncreased competition

Answer:

D. Increased competition

Read Explanation:

One significant effect of liberalization in the industrial sector is increased competition, forcing companies to improve efficiency, quality, and customer service to remain competitive in the market. Liberalisation in the industrial sector typically results in increased competition among businesses. It allows foreign companies to enter the domestic market, providing more choices for consumers and forcing local companies to improve their products and services. Increased competition can drive innovation and efficiency as companies strive to maintain or improve their market position. It encourages foreign direct investment (FDI), bringing in capital, technology, and expertise from other countries.

Related Questions:

How has globalization impacted India's integration into the global economy?

  1. India has become more interconnected with the global economy, leading to increased vulnerability to global economic fluctuations.
  2. Greater exposure to international trade has resulted in India's increased role in shaping global trade policies.
  3. India's active participation in global governance institutions has elevated its influence in international economic matters.
  4. Enhanced access to international markets has strengthened India's position as a global economic powerhouse.

    How has globalization affected labor markets worldwide?

    1. It has contributed to the displacement of jobs in some sectors due to outsourcing and automation.
    2. It has increased the outsourcing and offshoring practices across various industries.
    3. It has intensified competition for jobs globally, leading to wage stagnation in some sectors
      Narasimham Committee Report 1991 was related to which of the following ?

      What were the main reasons that led to the introduction of the LPG reforms in India?

      1. Declining foreign investments
      2. Increasing public debt
      3. Poor performance of Public Sector Undertakings (PSUs)
      4. Escalating financial burden due to foreign loans
      5. Global economic recession

        What characterized the Indian economy before the LPG reforms?

        1. A predominantly closed economic system with limited international trade
        2. A state-dominated economic landscape with a centralized planning approach
        3. A highly protectionist economic environment with extensive industrial licensing and regulation
        4. A tightly controlled currency regime with stringent restrictions on convertibility