“Globalisation has been advantageous to consumers as well as to producers.” Support the statement with suitable examples.

Globalization is the process of rapid integration of the world. This is facilitated by the movement of goods, services, labour and capital from one part of the world to another.

“Globalisation has been advantageous to consumers as well as to producers.” This statement is explained below:

1. The consumers now have the choice of choosing from a wide variety of goods ranging from consumer goods to electronic goods. These goods are of varying prices and quality. The consumer can easily choose the one which he finds the best.

2. Globalization has led to the creation of a new industry that provides these goods. The labor-intensive industries have helped to create more jobs in the country. Thereby reducing unemployment.

3. Many Indian companies have collaborated with foreign companies and have gained success in this regard.

4. It has also benefited the local small companies that have prospered by supplying raw material to the big industries.

5. The consumer enjoys an improved quality of goods at a lower price for various products.