(a) How are our markets transformed in recent years? Explain with examples.

(i) After $\displaystyle 1991$ Indian markets have been integrated with the foreign markets.

(ii) Barriers on foreign trade and foreign investment have been removed to large extent.

(iii) Producers can sell their products in foreign markets.

(iv) Import and export decisions are taken by businesses due to liberalization of trade by the govt.

(v) The government imposes much less restrictions on trade.

(vi) MNCs have increased their investments in India in last few years leading to new products, choices and jobs.

(vii) Moreover, globalisation has enabled some large Indian companies to emerge as MNCs.

(viii) There is a wide choice of goods and services available in the market.

(ix) The latest models of digital cameras, mobile phones and televisions made by the leading companies of the world are within the reach of the consumers.

(x) New models of automobiles can be seen on Indian roads.

(xi) Many new brands of different goods can be seen in the market.

(b) How do Multi-National Corporations (MNCs) interlink production across countries? Explain with examples.

(i) MNCs set up production where it is close to the markets.

(ii) They setup production where there is availability of skilled and unskilled labour and other factors of production.

(iii) MNCs set up production in different ways in different countries.

(iv) MNCs buy up local companies and expand their production.

(v) MNCs work jointly with the local companies.

(vi) Large MNCs place orders for production with small producers.

(vii) MNCs are spreading their production and interacting with the local producers in various countries across the globe.