Correct Option
The correct option is 2 and 3 only.
Explanation
Globalisation refers to the integration of the national economy with the world economy, facilitating the free flow of trade, capital, and technology. For consumers, this process fundamentally alters market dynamics through increased competition and access to international products.
Statement-wise Analysis
- Statement 1 is Incorrect. Globalisation creates intense competition between domestic and foreign producers. This competition generally drives prices down rather than up, as producers strive to offer better value to capture market share. Consequently, Indian consumers have witnessed a reduction in the relative prices of many goods, such as electronics and automobiles, rather than a general increase in all prices.
- Statement 2 is Correct. The opening of the economy allows the entry of multinational corporations and foreign goods. This provides consumers with a wider array of choices (greater variety) and forces producers to upgrade technology and standards, leading to improved quality of goods and services.
- Statement 3 is Correct. The benefits of globalisation have not been distributed equally across the population. While well-off urban consumers and skilled professionals have benefited significantly from better choices and quality, other sections of society, including small producers and workers in the unorganized sector, have not experienced the same level of benefit, leading to disparities.
Key Takeaway: Globalisation benefits consumers primarily through increased competition, which leads to lower prices, better quality, and greater choice, although these benefits are not uniformly accessible to all socio-economic sections.