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The emergence of World Trade Organisation (WTO) has changed the world economic order. Economies of the world are opening up and integrating with each other. India too has shelved the earlier protectionist policy and opened up the economy to the world market. Globalisation refers to widening and deepening of international flow of trade, capital, labour, technology, information and services. It involves liberalization of national and global markets in the belief ...
Globalization of Indian economy has resulted in increased business opportunities both for Indian businessman in the foreign markets and foreign sellers in Indian market. The competition in all categories of products i.e. consumer goods and industrial goods has increased in the Indian as well as in foreign markets. To the businessman of any country, the competition has become stiff both in their domestic and outside markets. The Indian markets have thus required ...