How has competition benefited people in India?
Competition has benefited the people of India in the following ways:
(i) Some Indian companies have successfully collaborated with foreign companies and gained benefits.
(ii) Many large Indian companies have raised their production standards by investing in advanced technology and production systems.
(iii) Some big Indian companies have established themselves as multinational companies by expanding their operations all over the world, examples are Tata Motors, Infosys, Ranbaxy etc.
(iv) Various opportunities have been created for Indian companies providing various services and companies with information and communication technology.
(v) Due to competition, people can now buy good quality goods at low prices.
(vi) More options are available to the consumers, especially the rich class consumers living in the peripheral areas. They are now taking advantage of the excellence, quality and low prices of many items.
(vii) The standard of living of the people has now improved as compared to earlier. Now they are enjoying a relatively higher standard of living.
(viii) Multinational companies have invested in goods like cellphones, automobiles, electronic products, cold drinks and banking facilities, which has created new employment opportunities in these industries.
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