Some economists argue that : “Post-$\displaystyle 1991$ economic reforms, globalisation played a major role in poor performance of the industrial sector.” Present your arguments to justify the given statement.

With the onset of globalisation post-$\displaystyle 1991$ economic reforms, developing countries are compelled to open up their economies to the greater flow of goods and capital from developed countries. Cheaper imports have, thus, replaced the demand for domestic goods. Domestic manufacturers are facing competition from foreign producers leading to a slowdown of industrial growth. Hence, Globalisation adversely affected the performance of the industrial sector.