Briefly discuss the impact of government policy changes on the business and industry

Briefly discuss the impact of government policy changes on the business and industry.

Answer:

The policies of liberalisation, privatisation and globalisation by the government affect the functioning of business enterprises. The following points highlight the impact of government policy changes on the business and industry.

i). Increased Competition: As a result of the policies such as relaxation of the licensing policy and reduction of import duties, the competition faced by the domestic firm's increases. Indian companies experienced competition in a service industry such as telecommunication, banking, insurance, etc.

ii). Increased Demand: As competition increases, the choice of goods and services for the consumers also increases. Thus, consumers also gain from quality products and greater variety.

iii). Change in Business Policies: The government policies directly impact the functioning of the business enterprises. As a result, they have to alter their policies appropriately.

iv). Technological Changes: As competition increases firms tend to find new and innovative ways to survive in the market. In such a scenario, technological improvements become imperative.

v). Need for Trained Personnel: Innovations and improvement in product, application of improved technologies requires skilled and trained personnel. Thus, there arises a need for the development of human resources.

vi). Greater Market Orientation: With increased competition, the production has become market-oriented. That is, the enterprises produce as per the demand market.

vii). Less Reliance on Budgetary Support by Public Sector Enterprises: To survive the increased competition, the public sector enterprises must improve efficiency and productivity rather than relying on budgetary support to cover their losses. On the whole, 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 relationships and satisfaction

More Question

1. How can the firms cope with changing technological environment?
2. What do you mean by Liberalisation?
3. How have customers benefited from increased competition after liberalization and globalization?
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5. What is a Business Environment?
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