How has competition benefitted people in India?

Q.:- How has competition benefitted people in India?

 

Answer:-

Competition from imported goods has benefitted people in India in the following ways

(a) Indian producers have improved their technology and quality to compete with foreign goods. This has benefitted the buyers of the goods as well as the producers, who can now compete in the world market.
(b) Prices of Indian goods have reduced to match those of foreign goods and so buyers of these items have benefitted.
(c) Some Indian companies have entered into collaboration with the foreign companies and some MNCs have invested in Indian companies, thus benefiting both.