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Effect of liberalization and Globalization on consumption pattern of India
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Effect of liberalization and Globalization on consumption pattern of India


Effect of liberalization and Globalization on consumption pattern of India

Effect of liberalization and Globalization on consumption pattern of India

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  • 2. Discuss the effects of liberalization, globalization and demographic changes on pattern of consumption in India. What has been the effect of consumption change on the Indian economy?
  • 3. Globalization is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. Put in simple terms, globalization refers to processes that promote world-wide exchanges of national and cultural resources. Advances in transportation and telecommunications infrastructure, including the rise of the Internet, are major factors in globalization.
  • 4.  In general, liberalization (or liberalisation) refers to a relaxation of previous government restrictions, usually in areas of social or economic policy  The word liberalisation is mainly used to denote that the Government is moving from licensing of commerce to de-licencing. Even though normally associated with Government ownership of Government in business entities, the real direction of liberalisation is moving away from planned economy to market economy. The growth of businessis dictated more as per the demand and suppy in the market than decided by Government in power.
  • 5.  From independence till the later part of the 1980s, India economic approach was mainly based on government control and a centrally operated market.  The economic liberalization policies were undertaken, it did not find much support and the country remained in its backward economic state.  It was in the 1990s that the first initiation towards globalization and economic liberalization was undertaken by Dr. Manmohan Singh, who was the Finance Minister of India.
  • 6. Globalization and liberalization has greatly influenced the Indian economy and made it a huge consumer market. Today, most of the economic changes in the country are based on the demand supply cycle and other economic factors.
  • 7.  One of the main aspects of globalization is foreign investment. India today has emerged as one of the perfect markets for foreign investors due to its vast market base. More and more foreign companies are investing in the Indian market to get more returns.  Increased the number of jobs that were available to the people of the country.
  • 8.  Reduced the profit levels of the Indian pharmaceutical companies as a result of which many had to close down such as Hindustan Ciba Geigy, Park Davis.  Competition increased in the Indian market between the foreign pharmaceutical companies and domestic companies.
  • 9.  Growth rate  A huge public sector emerged. State- owned enterprises made large losses.  Tax Department  Infrastructure  License Raj
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