In today’s world, the flow of goods and services is not only cheap and fast, but reliable and secure. You can order anything you wish from any part of the world. The Internet has been connecting people without any limitations or boundaries in the way of doing business.

Identify the concept being described in the above lines.

Globalisation

The correct answer is option 3- Globalisation.

The concept being described in those lines is Globalisation. It emphasizes the seamless flow of goods, services, and information across borders, facilitated by the interconnectedness of the Internet, leading to a globalized and interconnected world.

Globalisation means the integration of the various economies of the world leading towards the emergence of a cohesive global economy. Till 1991, the Government of India had followed a policy of strictly regulating imports in value and volume terms. These regulations were with respect to
(a) licensing of imports,
(b) tariff restrictions and
(c) quantitative restrictions.
The new economic reforms aimed at trade liberalisation were directed towards import liberalisation, export promotion through rationalisation of the tariff structure and reforms with respect to foreign exchange so that the country does not remain isolated from the rest of the world. Globalisation involves an increased level of interaction and interdependence among the various nations of the global economy. Physical geographical gap or political boundaries no longer remain barriers for a business enterprise to serve a customer in a distant geographical market. This has been made possible by the rapid advancement in technology and liberal trade policies by Governments. Through the policy of 1991, the government of India moved the country to this globalisation pattern.