India has officially opened its doorsto welcome foreign retail chains. Before, giants such as Wal-Mart and Tesco could only operate as a wholesaler instead of selling to consumers directly. Now they can open their stores domestically in India. However not everyone agrees with the decision, with many fearing it will destroy Indian retailers.
If I had read this article in high school, I would have agreed with the opposing people. Obviously these large corporations have the ability to get better and cheaper products compared to Indian retailers, however with the knowledge I have gained this semester this might not be true. This decision will change India for the better since it’s moving them towards a free market, which means there will be more opportunities and cheaper prices in India. The increased competition will force businesses to work harder for the cash they seek, and for consumers that’s a good thing because they’ll get more benefits.
India and China are most likely going to be the next global leaders in business. Just like 200 years ago, people are once again seeking to trade with those 2 countries. But instead of silk and spice, it’s now labor and opportunities.