Which of the following statement is correct in the context of the impact of globalisation on the Indian industry?

it is seen as creating conditions for the free movement of goods and services from foreign countries that adversely affect the local industries and employment opportunities in developing countries.

In a globalised world, developing countries are compelled to open up their economies to greater flow of goods and capital from developed countries and rendering their industries vulnerable to imported goods.However, a developing country like India still does not have the access to developed countries’ markets because of high non-tariff barriers.

Cheaper imports have, thus, replaced the demand for domestic goods. Domestic manufacturers are facing competition from imports.

Globalisation is, thus, often seen as creating conditions for the free movement of goods and services from foreign countries that adversely affect the local industries and employment opportunities in developing countries.