Why has competition increased for Indian firms in industries like telecommunications, airlines, banking, and insurance?
Answer & explanation
Correct answer: option 3
The correct answer is option 3- Entry of foreign firms.
Entry of foreign firms has competition increased for Indian firms in industries like telecommunications, airlines, banking, and insurance.
Changes in the rules of industrial licensing and entry of foreign firms, competition for Indian firms has increased especially in service industries like telecommunications, airlines, banking, insurance, etc. which were earlier in the public sector.