Inexpensive Chinese locks are flooding the Indian markets, thus destroying the traditional lock industry of India. Which of the following methods can the Government of India take up to protect the Indian lock industry?

I. Revalue Indian Currency.

II. Give subsidy on the import of Chinese lock.

III. Impose import tax on the import of Chinese lock.

IV. Place limit on the number of goods that can be imported.

We have given some effects of globalization on developing countries. Classify the positive effects.

(i) Consumers have more choice of commodities, as imports from other countries are easy to access.

(ii) Access to foreign direct investments increases economic activities in sectors wherein the investment flows.

(iii) The unrestricted exposure to western culture is a threat to maintain our cultural objects.

(iv) The native cultures and cuisines are taken to other parts of the world, so our culture spreads to other countries easily.

(v) We have easy access to foreign markets to market our products.

(vi) Cheap labour in developing countries attracts foreign companies to start production in developing countries.

(vii) Some domestic industries are adversely affected as they could not meet the competition from foreign companies and imported products.