Economic Awareness - Sectors of Indian Economy
Which of the following statements about the impact of globalization on Indian industry is correct?
Which of the following statements about the impact of globalization on Indian industry is correct?
hard Q10 of 15
Step-by-Step Solution
Step 1: Understand globalization impact on industry
Globalization exposes industries to global competition, encouraging modernization and efficiency.Step 2: Analyze options
Complete closure of small-scale industries did not happen; many adapted. Nationalization contradicts privatization trends. Foreign technology transfer increased rather than restricted.Step 3: Explain why other options are wrong
Closure of small-scale industries is an exaggeration; many survived or evolved. Nationalization is opposite to reform goals. Restricting technology transfer contradicts globalization's openness.Final Answer:
Globalization increased competition, leading to modernization and efficiency improvements → Option AQuick Check:
Globalization impact on industry = Competition and modernization ✅
Quick Trick: Globalization drives competition and tech adoption in industry.
Common Mistakes:
MISTAKES- Assuming globalization caused closures or nationalization.
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