Name: Liberalisation Entails Removing Trade Barriers
Uploaded: 2019-07-19
Duration: 4 min 53 s
Description: Liberalisation is an economic practice that allows countries to trade freely. Watch this video to see why this idea was so appealing to the Indian government.

Question

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

Accepted Answer

The markets have been transformed in recent years through several key mechanisms:

Global Production and Distribution by MNCs: Multinational corporations (MNCs) have reshaped markets by organizing their production and distribution processes on a global scale. Companies like Tata Motors, Coca Cola, and Tesla adopt unique investment plans tailored to different nations.

Interlinked Global Markets: The markets of the world have become intricately interconnected. Thanks to advancements in technology and communication, consumers can access and purchase products from different countries with ease.

Faster and Efficient Transportation Networks: Improved transportation networks have led to faster and more efficient delivery of goods and services across longer distances, all while reducing costs. This transformation has significant implications for the availability of products in local markets.

Increased Product Variety for Customers: The evolution of markets has led to a diverse array of products available for customers to choose from. For instance, in the Indian automobile industry, consumers now have a wide range of choices, from budget-friendly to luxury vehicles, each catering to different preferences and needs.

Exponential Market Growth and Virtual Transactions: Markets have experienced significant expansion in terms of both size and reach. The number of products, services, and businesses has grown multifold.

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