How have Indian enterprises responded to the challenge of competition in the new economic order?

By developing strategies, adopting business processes, and improving customer relationships

The correct answer is option 3- By developing strategies, adopting business processes, and improving customer relationships.

The impact of Government policy changes particularly in respect of liberalisation, privatisation and globalisation has been positive as the Indian business and industry has shown great resilience in dealing with the new economic order. Indian enterprises have developed strategies and adopted business processes and procedures to meet the challenge of competition. They have become more customer-focused and adopted measures to improve customer relationship and satisfaction.