Unit 4 Ch 4 : Globalization and the Indian Economy — Social Studies STD 10 — Question

The market in the present day has transformed in the following manner:

1. The economy of our country has rapidly grown with the onset of LPG (Liberalisation, Privatisation and Globalisation) reforms in 1991.
2. MNCs play a vital role in the world market and as a result foreign investment in the country has increased.
3. Foreign trade effects in integration of domestic markets in different countries.
4. In recent times, technology in the areas of telecommunications, computers and internet has been changing rapidly.
5. Globalisation has also created new opportunities for companies providing services, particularly those involving IT.

Also globalisation has enabled some large Indian companies to emerge as multinationals themselves. Tata Motors (auto- mobiles), Infosys (IT), Ranbaxy (medicines) are some Indian companies which are spreading their operations worldwide.