Explanation
Ranbaxy Laboratories Limited is an Indian multinational pharmaceutical company that was incorporated in India in 1961.
If we look at the past thirty years or so, we find that MNC's have been a major force in the globalisation process connecting distant regions of the world.
India is currently the world’s second-largest telecommunications market and has registered strong growth in the past decade and half. The Indian mobile economy is growing rapidly and is expected to contribute substantially to India’s Gross Domestic Product (GDP).
In 1991, India met with an economic crisis, relating to its external debt- the government was not able to make repayments on its borrowings from abroad; foreign exchange reserves, which we generally maintain to import petrol and other important items, dropped to levels that were not sufficient for even a fortnight. The crisis was further compounded by rising prices of essential goods. All this led the government to introduce a new set of policy measures which changed the direction of our developmental strategies.
It is an economic development effect suggested by Swedish economist Gunnar Myrdal.It basically means that if one particular area in a country starts growing or developing, it causes people, human capital as well as physical capital (infrastructure, finance, machines etc.) from other parts of the country to gravitate towards this growing centre.
(i) Foreign trade creates an opportunity for the produces to reach beyond the domestic markets.
(ii) Producers can sell their produce not only in markets located within the country but can also compete in markets located in other countries of the world.
(iii) For the buyers, import of goods produced in another country is one way of expanding the choice of goods beyond what is domestically produced.
An MNC is a company that owns or controls production in more than one nation. MNCs set up offices and factories for production in regions where they can get cheap labour and other resources. This is done so that the cost of production is low and the MNCs can earn greater profits.
Many of the top MNCs have wealth exceeding the entire budgets of the developing country governments. MNCs might look for government policies that look after their interests. MNCs set up production where skilled and unskilled labour is available at low costs.
The era known as the 'Industrial Revolution' was a period in which fundamental changes occurred in agriculture, textile and metal manufacturing, transportation, economic policies and the social structure in England. This period is appropriately labeled "revolution", for it thoroughly destroyed the old manner of doing things; yet the term is simultaneously inappropriate, for it connotes abrupt change. The changes that occurred during this period (1760-1850), in fact, occurred gradually. The year 1760 is generally accepted as the "eve" of the Industrial Revolution. In reality, this eve began more than two centuries before this date. The last 18th century and the early 19th century brought to fruition the ideas and discoveries of those who long passed on, such as Galileo, Bacon, Descartes and others.
Due to new communication technologies, one of the biggest trends is to move call centres offshore to the global south to countries such as India where labour is cheap and the employees speak English. 80% of call centres in India cater to the international market. This industry in India is the result of globalisation since there were no domestic call centres in India prior to the international call centres. It is estimated that the Indian call centre industry now employs 1.2 million people for both inbound and outbound customer service.
Amartya Kumar Sen is an Indian economist and philosopher of Bengali ethnicity, who since 1972 has taught and worked in the United Kingdom and the United States. Sen has made contributions to welfare economics, social choice theory, economic and social justice, economic theories of famines, and indexes of the measure of well-being of citizens of developing countries. He was awarded the Nobel Memorial Prize in Economic Sciences in 1998 and Bharat Ratna in 1999 for his work in welfare economics. He was also awarded the inaugural Charleston-EFG John Maynard Keynes Prize in recognition of his work on welfare economics in February 2015 during a reception at the Royal Academy in the UK.
Option II and III are correct; option C is the correct answer.
Reason:- Improvement in the transport sector facilitates globalization, it is not an outcome of globalization.
Whereas Liberalization of foreign trade and Favorable rules under the developing countries category helped India to improve trade in the world.
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