IGNOU FREE MMPC-003 Business Environment Solved Guess Paper 2025

1. Define Business Environment. Explain its components and importance for business decision-making.

The business environment refers to all external and internal factors that influence the functioning of a business. It includes economic, political, legal, social, technological, and global forces that directly or indirectly impact organisational decisions, performance, and survival. Since businesses operate within a dynamic environment, understanding environmental forces is crucial for strategic planning and long-term sustainability.

Components of the business environment can be divided into internal and external components.
The internal environment includes organisational structure, culture, employees, management style, and internal resources. These factors are within the control of management and determine a firm’s strengths and weaknesses. For example, skilled employees and strong leadership contribute to competitive advantage.

The external environment consists of forces beyond the control of the organisation. It includes:

1. Economic Environment – interest rates, inflation, income levels, economic policies, market trends. Economic conditions determine purchasing power, demand, and investment patterns.

2. Political Environment – actions of the government, political stability, taxation, policies, industrial regulations. A stable political environment encourages business growth.

3. Legal Environment – laws related to labour, environment, taxation, consumer protection, company regulations, and intellectual property. Compliance is essential for ethical and smooth functioning.

4. Technological Environment – innovations, automation, digitalisation, R&D activities. Technology affects productivity, cost reduction, and new product development.

5. Socio-cultural Environment – lifestyles, demographics, customs, values, education, social attitudes. Understanding society helps companies design relevant products and marketing strategies.

6. International Environment – global market trends, foreign policies, exchange rates, international competition, WTO policies.

The importance of business environment lies in its impact on decision-making. First, understanding environmental forces helps organisations identify opportunities and threats. For example, technological advancements create opportunities for innovation while economic recession can pose threats. Second, it supports long-term planning. A business that studies market trends can forecast demand and allocate resources efficiently.

Third, environmental analysis helps organisations adapt to change. Since business environments are dynamic, firms must be prepared for changes in consumer preferences, technology, and government policies. Fourth, it improves organisational performance by enabling strategic thinking, risk management, and competitive positioning.

Lastly, business environment awareness helps firms maintain compliance and ethical behaviour, ensuring smooth operations. In conclusion, understanding the business environment is essential for strategic decision-making, sustainability, and growth in a constantly changing world.

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2. Discuss the characteristics and structure of the Indian Economy. Explain major problems faced by the Indian economy.

The Indian economy is one of the largest and fastest-growing economies in the world. It is characterised by diversity, structural complexity, and rapid transformation. India is a mixed economy, where both the private and public sectors play significant roles in economic development.

Characteristics of the Indian economy include:

1. Mixed Economy: India combines both capitalist and socialist features, allowing private enterprises to operate alongside government-owned enterprises.

2. Agricultural Dependence: Although declining, agriculture still employs a large portion of the population.

3. Large Population: India’s huge population creates both opportunities and challenges, influencing labour supply, consumption patterns, and economic planning.

4. Growing Service Sector: The service sector contributes significantly to GDP through IT, tourism, banking, and communication.

5. Uneven Development: There are disparities in income, education, and infrastructure across states and regions.

6. Emerging Industrialisation: India is witnessing steady industrial growth, especially in automobiles, pharmaceuticals, and manufacturing.

Structure of the Indian economy can be understood through three sectors:

• Primary Sector: Agriculture, forestry, fishing, and mining.

• Secondary Sector: Manufacturing, construction, and industry.

• Tertiary Sector: Services, which dominate GDP contribution and employment generation in urban areas.

Despite progress, India faces several major economic problems:

1. Unemployment: India experiences structural and disguised unemployment, especially in rural areas. Educated unemployment is also significant due to skill mismatches.

2. Poverty: Although poverty rates have declined, millions still lack adequate income, food security, and shelter.

3. Income Inequality: Wealth is concentrated in the hands of a few, creating a wide gap between rich and poor.

4. Population Pressure: Rapid population growth strains resources, employment, healthcare, and education systems.

5. Agricultural Challenges: Low productivity, outdated technology, fragmented landholdings, and dependence on monsoons affect agriculture.

6. Inflation: Rising prices reduce purchasing power and affect living standards.

7. Infrastructure Deficits: Poor transport, power shortages, and inadequate urban planning hinder economic development.

8. Corruption and Bureaucratic Delays: These reduce efficiency and discourage foreign investment.

9. Environmental Degradation: Overexploitation of resources has led to pollution and ecological imbalance.

In conclusion, the Indian economy is growing rapidly but must address structural constraints such as unemployment, inequality, and infrastructural challenges to achieve sustainable development.

3. Explain the concept of Economic Planning in India. Discuss the role of NITI Aayog in India’s development.

Economic planning refers to a systematic process through which the government allocates resources, sets developmental goals, and formulates strategies to achieve economic growth. India adopted planning after independence to overcome poverty, unemployment, and economic backwardness.

Earlier, the planning process was handled by the Planning Commission, which prepared Five-Year Plans. However, in 2015, the Planning Commission was replaced by NITI Aayog (National Institution for Transforming India) to promote cooperative federalism and introduce a more dynamic planning system.

NITI Aayog plays a significant role in India’s development. Its key functions include:

1. Policy Formulation and Coordination: NITI Aayog designs national strategies and long-term plans for sectors like agriculture, health, industry, infrastructure, and education.

2. Cooperative Federalism: It brings together the Centre and States to make joint decisions and ensure participatory governance. The Governing Council includes Chief Ministers and key Union Ministers.

3. Think Tank Role: Unlike the Planning Commission, which allocated funds, NITI Aayog acts as a think tank providing research, analysis, and policy recommendations.

4. Monitoring and Evaluation: It evaluates government programs, identifies bottlenecks, and ensures effective implementation.

5. Promoting Innovation (Atal Innovation Mission): It supports entrepreneurship, start-ups, and innovation through platforms like Atal Tinkering Labs and incubation centres.

6. Sustainable Development Goals (SDGs): NITI Aayog coordinates India’s progress towards the United Nations SDGs by developing indices and tracking performance.

7. Digital Transformation: It supports initiatives like Digital India, Aadhaar, artificial intelligence strategies, and digital health missions.

8. Economic and Social Reforms: It focuses on labour reforms, agriculture reforms, skill development, and poverty reduction.

In addition, NITI Aayog promotes policy initiatives such as Aspirational Districts Programme, which aims to improve socio-economic indicators in backward districts through competitive federalism.

The shift from Planning Commission to NITI Aayog reflects India’s transition from a centralised command economy to a more market-driven system. NITI Aayog provides flexibility, decentralisation, and real-time policy support.

In conclusion, economic planning remains vital for India’s development, and NITI Aayog plays a transformative role in the formulation, monitoring, and execution of national strategies for sustainable economic growth.

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4. What do you understand by Liberalisation, Privatisation, and Globalisation (LPG)? Explain their impact on the Indian economy.

Liberalisation, Privatisation, and Globalisation (LPG) refer to reforms introduced in 1991 to revive the Indian economy, which was facing a severe financial crisis. These structural reforms opened the Indian economy to global markets, reduced government control, and promoted private sector participation.

Liberalisation means reducing government restrictions in the economy. It includes deregulation, reducing licensing requirements, allowing foreign investment, and encouraging competition. Liberalisation increased efficiency, improved market access, and promoted entrepreneurship.

Privatisation refers to transferring ownership and management of public sector enterprises (PSEs) to the private sector. This was done through disinvestment, strategic sale, and public-private partnerships. Privatisation improved productivity, reduced government financial burden, and increased competitiveness.

Globalisation means integration of domestic economies with the global economy. It involves increased international trade, foreign direct investment, technological exchange, and cultural interaction. Globalisation expanded export opportunities, attracted foreign companies, and modernised industries.

Impact of LPG reforms on the Indian economy:

1. Higher Economic Growth: Post-1991, India witnessed rapid growth due to increased investment, competition, and global trade.

2. Increased Foreign Investment: FDI inflows increased significantly in sectors like IT, telecom, automobiles, and pharmaceuticals.

3. Expansion of Service Sector: IT and IT-enabled services grew substantially, making India a global outsourcing hub.

4. Rise of Private Sector: Private companies became major players in banking, telecom, aviation, retail, and infrastructure.

5. Improved Technology: Globalisation brought advanced technologies, enhancing productivity and product quality.

6. Employment Opportunities: New jobs emerged in technology, services, and retail sectors.

7. Consumer Benefits: Increased competition led to better products, lower prices, and more choices.

8. Rise of Middle Class: Higher incomes and improved living standards expanded the middle class.

9. Financial Sector Reforms: Banks modernised, stock markets grew, and financial services expanded.

10. Negative Impacts:

• Increased inequality between skilled and unskilled workers

• Pressure on small-scale industries

• Cultural changes and westernisation

• Dependence on global markets

In conclusion, the LPG reforms transformed India into a globally integrated and competitive economy, increasing growth, investment, and modernisation while also posing challenges of inequality and market dependence.

5. Discuss the International Business Environment. Explain the role of WTO, IMF, and World Bank in global trade and development.

The international business environment refers to global factors that influence business operations across borders. It includes economic conditions, political stability, trade policies, international laws, cultural differences, technological trends, and financial systems. Companies must understand this environment to expand internationally, manage risks, and compete globally.

International business is shaped by institutions such as the World Trade Organization (WTO), International Monetary Fund (IMF), and World Bank.

Role of WTO (World Trade Organization)

WTO is responsible for regulating global trade. Its key functions include:

1. Promoting Free Trade: WTO reduces trade barriers like tariffs and quotas.

2. Dispute Settlement: It resolves trade disputes between member countries.

3. Trade Negotiations: WTO provides a platform for countries to negotiate trade agreements.

4. Monitoring Policies: It reviews trade policies of member countries to ensure transparency.

5. Special Support to Developing Nations: It offers flexibility and technical support for developing economies.

Role of IMF (International Monetary Fund)

IMF ensures global monetary stability. Its major roles are:

1. Financial Assistance: IMF provides loans to countries facing balance of payments crises.

2. Economic Surveillance: It monitors global economic trends and advises countries on financial policies.

3. Exchange Rate Stability: It helps maintain stable exchange rates and international financial cooperation.

4. Capacity Building: IMF provides training to member countries in monetary and financial management.

Role of World Bank

The World Bank provides long-term financial and technical assistance for development. Its key functions include:

1. Funding Development Projects: It supports projects in education, health, infrastructure, and poverty reduction.

2. Reducing Poverty: Through programs like IDA, it offers low-interest loans to poorest countries.

3. Promoting Structural Reforms: It supports policy reforms in developing nations.

4. Knowledge Sharing: It provides research and data for global development.

Together, WTO, IMF, and the World Bank create a stable global environment by promoting trade, financial stability, and developmental cooperation. They support economic growth, reduce poverty, and help countries manage global challenges.

6. Discuss the major components of the Business Environment and their impact on managerial decision-making.

The term “business environment” refers to all external and internal forces that shape the operations, performance, and decision-making of an organisation. Managers operate under conditions of uncertainty, and therefore understanding the environment is essential for planning, growth, and stability. The major components include: economic environment, political-legal environment, socio-cultural environment, technological environment, natural environment, and global environment. Each of these components creates both opportunities and threats, directly influencing managerial choices.

1. Economic Environment:
This includes factors such as national income, GDP growth, inflation, interest rates, monetary policy, fiscal policy, and overall economic conditions. Managers must analyse trends in demand, investment climate, consumer purchasing power, and financial market stability. For example, high inflation forces managers to revise pricing strategies, reduce costs, or adopt efficiency-improving technologies. In contrast, periods of economic boom encourage expansion, diversification, and new market exploration. Decisions about hiring, production levels, pricing, and capital allocation depend heavily on economic indicators.

2. Political and Legal Environment:
This comprises government policies, political stability, taxation rules, labour regulations, trade policies, and the legal framework governing business operations. Managers must ensure compliance with laws such as the Companies Act, Consumer Protection Act, Labour Codes, and environmental laws. Political stability fosters long-term investment decisions, while frequent policy changes create uncertainty. For instance, changes in taxation (such as GST reforms) directly affect costing, supply chain design, and administrative planning. Similarly, labour laws influence hiring decisions, employee benefits, and workplace policy formulation.

3. Socio-Cultural Environment:
It includes demographics, cultural values, lifestyle changes, education levels, social institutions, and societal expectations. Managers must understand consumer behaviour, shifting preferences, and cultural sensitivities. For example, India’s growing middle class and digital-savvy youth population influence product design, marketing strategies, and service delivery mechanisms. Changes in family structure—from joint to nuclear families—affect demand for consumer durables, packaged foods, and housing. Social trends also impact HR policies such as diversity, inclusion, work-life balance, and corporate social responsibility.

4. Technological Environment:
Technological change is one of the most dynamic components. Innovations such as automation, artificial intelligence, digital payments, robotics, and e-commerce reshape industries rapidly. Managers must adopt new technologies to reduce costs, improve productivity, and enhance customer experience. Failure to adapt can lead to competitive disadvantage, as seen in outdated retail or manufacturing units. Decision-making includes selecting appropriate technologies, training employees, allocating budgets for innovation, and managing technological obsolescence.

5. Natural Environment:
Climate change, resource scarcity, environmental regulations, and sustainability concerns have become crucial for managerial decisions. Organisations must adopt eco-friendly production methods, waste management practices, and energy-efficient technologies. For instance, policies restricting plastic usage or mandatory environmental clearances influence investment decisions, plant location, and production methods. Managers also consider natural risks such as floods, droughts, and pollution, which affect supply chains and resource availability.

6. Global Environment:
Globalisation has interconnected markets across countries. Exchange rates, foreign trade policies, international competition, global supply chains, and geopolitical tensions influence decisions related to exports, imports, and international partnerships. Managers must track global consumer trends, international regulations, and the competitive strategies of global firms. For example, fluctuations in oil prices impact energy costs, transportation, and production decisions worldwide.

In conclusion, the business environment is multifaceted and constantly changing. Managers must continuously monitor environmental trends, assess risks, and redesign strategies. Effective decision-making requires environmental analysis tools such as PESTLE, SWOT, and scenario planning to convert environmental challenges into opportunities.

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7. Explain the structure and major indicators of the Indian economy. Why are these indicators important for business?

The structure of the Indian economy refers to the relative contribution of primary (agriculture), secondary (industry), and tertiary (services) sectors. Over the years, India has shifted from an agrarian economy to a service-dominated one. Key indicators such as GDP, national income, inflation, employment, fiscal deficit, balance of payments, and human development index help assess economic performance. Businesses use these indicators for planning, investment decisions, risk management, and forecasting.

1. Structure of the Indian Economy:

• Primary Sector: Includes agriculture, forestry, fishing, mining, and related activities. Historically, agriculture dominated India’s GDP, but now its share has declined to around 18%. However, it still employs nearly 45% of the workforce. Its performance affects rural demand, food security, inflation, and industrial inputs.

• Secondary Sector: Includes manufacturing, construction, electricity, and industrial activities. Its contribution is around 25–28%. Industrial growth influences job creation, exports, infrastructure, and technological development.

• Tertiary Sector: Includes trade, communication, real estate, banking, transport, education, and IT services. This sector contributes over 55% to GDP. India’s IT and service industries play a significant role in foreign exchange earnings and global competitiveness.

2. Major Indicators of the Indian Economy:

• Gross Domestic Product (GDP): Measures economic output. High GDP growth indicates healthy business prospects, increased demand, and better investment climate.

• National Income: Reflects total income generated in the economy. Helps businesses understand purchasing power and market potential.

• Inflation Rate: Indicates price-level changes. High inflation reduces consumer purchasing power and affects pricing strategies.

• Employment and Unemployment Rates: Indicate labour market health. High unemployment signals low demand; it affects recruitment and wages.

• Fiscal Deficit: Shows government borrowing needs. High fiscal deficit can lead to inflation or higher interest rates impacting business costs.

• Balance of Payments (BoP): Indicates trade balance and capital flows. Helps businesses plan exports, imports, and foreign investment.

• Exchange Rate: Affects import costs, export competitiveness, and foreign debts.

• Human Development Index (HDI): Measures health, education, and living standards. Higher HDI indicates favourable environment for skilled labour and consumer demand.

3. Importance of Economic Indicators for Business:
These indicators help business managers predict market behaviour and design strategies.

• Investment Decisions: GDP trends help firms decide expansion, diversification, or market entry.

• Pricing Policies: Inflation guides cost estimation and profit planning.

• Human Resource Planning: Employment statistics shape salary levels and staffing.

• Resource Allocation: Fiscal and monetary policies influence borrowing costs, taxation, and savings.

• Foreign Trade Decisions: Exchange rate and BoP inform import–export strategies.

• Market Demand Estimation: National income and demographic data help forecast consumer behaviour.

• Risk Management: Economic instability requires contingency planning and diversification.

In summary, the structure and indicators of the Indian economy form the foundation of macro-environmental analysis for businesses. Understanding them enables companies to navigate uncertainty, take informed decisions, and sustain long-term growth.

8. Describe the major structural reforms introduced in India since 1991 and their impact on the business environment.

India introduced major economic reforms in 1991 to address a severe balance of payments crisis. These reforms transformed the Indian economy from a heavily regulated system to a more open, competitive, and market-oriented system. The reforms include liberalisation, privatisation, and globalisation (LPG) along with sector-specific reforms in finance, taxation, industry, trade, and public sector management.

1. Liberalisation:
Liberalisation refers to reducing government restrictions on business activities. Key reforms included:

• Abolition of the Licence Raj, allowing industries to expand without excessive government control.

• Deregulation of industrial sectors, encouraging entrepreneurship.

• Financial sector reforms such as deregulating interest rates, allowing private and foreign banks, and strengthening capital markets.

• Trade liberalisation through reduction of import tariffs, removal of quantitative restrictions, and encouragement of exports.

Impact:
Liberalisation increased competition, improved efficiency, attracted domestic and foreign investment, and encouraged technological advancement. It created a better environment for private enterprises and modernised India’s industrial structure.

2. Privatisation:
Privatisation aimed at reducing the role of public enterprises and encouraging private-sector participation. Measures included:

• Disinvestment of government share in public sector undertakings (PSUs).

• Allowing private companies in sectors previously dominated by the government, such as telecom, civil aviation, and power generation.

• Introducing public-private partnerships (PPP) in infrastructure development.

Impact:
Privatisation improved efficiency, reduced fiscal burden, and promoted innovation. Sectors such as telecom and aviation saw major improvements in quality and service delivery.

3. Globalisation:
Globalisation refers to integrating the Indian economy with the world economy. Steps included:

• Opening sectors for foreign direct investment (FDI).

• Allowing foreign companies to operate in India.

• Strengthening institutions like SEBI, RBI, and IRDA to align with international standards.

• Encouraging global trade and international collaborations.

Impact:
Globalisation expanded markets, improved product quality, increased exports, and integrated India into global value chains. IT and service industries grew rapidly due to access to global clients.

4. Sectoral Reforms:

• Tax Reforms: Introduction of VAT, GST, rationalisation of corporate taxes.

• Banking Reforms: NPA reduction measures, recapitalisation, private bank entry.

• Agricultural Reforms: APMC reforms, crop insurance, MSP improvements, promotion of agri-tech.

• Industrial Reforms: 100% FDI in many sectors, improved ease of doing business.

• Infrastructure Reforms: Roads, ports, power, telecom, digital infrastructure expansion.

Overall Impact on Business Environment:
The reforms created a more competitive and dynamic business environment.

• Increased foreign investment strengthened industrial capabilities.

• Improved technology and innovation enhanced productivity.

• Reduced government control increased managerial autonomy.

• Expanded export opportunities made Indian businesses globally competitive.

• The private sector became the key driver of growth.

In conclusion, the 1991 reforms marked a turning point in India’s economic history. They modernised the business environment, fostered competition, and positioned India as a fast-growing emerging economy.

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9. Explain the role of international institutions (WTO, IMF, World Bank) in shaping the international business environment.

International institutions play a crucial role in shaping the global business environment by creating rules, providing financial support, resolving disputes, and promoting cooperation among countries. The most influential institutions include the World Trade Organization (WTO), International Monetary Fund (IMF), and World Bank.

1. World Trade Organization (WTO):

WTO regulates global trade by establishing rules and ensuring fair competition. Its major functions include:

• Establishing trade agreements and rules for tariff reduction.

• Promoting free and fair trade among member countries.

• Providing a platform for trade negotiations.

• Settling trade disputes through a structured mechanism.

• Monitoring national trade policies.

Impact on Business Environment:

• Reduces trade barriers, making it easier for businesses to export and import.

• Increases competition, forcing companies to improve quality and cut costs.

• Provides protection against unfair trade practices such as dumping.

• Offers predictability through rules-based systems, enabling long-term investment planning.

2. International Monetary Fund (IMF):

IMF maintains global financial stability by offering monetary cooperation and financial assistance. Its major roles include:

• Providing short-term loans to countries facing balance-of-payments crises.

• Monitoring global economic trends through annual reports and consultations.

• Offering technical assistance in monetary policy, taxation, and financial regulation.

• Stabilising exchange rates and promoting international monetary cooperation.

Impact on Business Environment:

• Helps stabilise economies facing financial crises, enabling business continuity.

• Ensures exchange rate stability, which is critical for international trade decisions.

• Encourages sound fiscal and monetary policies, creating confidence for investors.

• IMF-supported reforms help create competitive and transparent business systems.

3. World Bank:

The World Bank supports long-term economic development and poverty reduction. Its major roles include:

• Providing long-term loans for infrastructure projects such as roads, bridges, energy, water supply, and healthcare.

• Supporting education, rural development, environmental sustainability, and governance reforms.

• Conducting research and offering policy advice.

Impact on Business Environment:

• Infrastructure development enhances connectivity and reduces costs for businesses.

• Improved governance and reduced corruption create a favourable investment climate.

• Investments in health and education improve labour productivity.

• World Bank’s support for technology and innovation helps modernise industries

Overall Influence of International Institutions:

• Promoting transparency, fairness, and stability in global trade.

• Reducing financial risks and ensuring timely assistance during crises.

• Encouraging structural reforms and liberalisation in developing countries.

• Helping businesses access international markets through trade agreements.

• Creating a predictable environment for foreign investment.

In summary, international institutions act as pillars of the global economic system. They shape the international business environment by establishing rules, improving economic stability, and supporting development. Businesses rely on these institutions to operate in a more integrated, stable, and competitive global market.

10. Discuss the impact of globalisation on the Indian business environment. What opportunities and challenges has it created?

Globalisation refers to the increasing integration of national economies through trade, investment, technology, and cultural exchange. Since the 1991 economic reforms, globalisation has transformed India’s business environment significantly. It has created new opportunities for growth, competition, and innovation, while also posing challenges for domestic industries, labour markets, and regulatory systems.

Opportunities Created by Globalisation:

1. Increased Foreign Investment:

India became a major destination for FDI, especially in IT, manufacturing, telecom, retail, and services. This led to modernisation, better infrastructure, technology transfer, and improved management practices.

2. Growth of the IT and Service Sector:

Global outsourcing and digital services connected India to global clients. Companies like TCS, Infosys, and Wipro expanded worldwide, generating jobs and foreign exchange.

3. Access to Global Markets:

Indian businesses gained new opportunities to export textiles, pharmaceuticals, automobile parts, and IT services. This increased competitiveness and foreign earnings.

4. Technological Advancement:

Indian industries adopted advanced technologies through international collaborations. Automation, robotics, AI, and digital payments modernised business processes across sectors.

5. Improved Quality and Efficiency:

Global competition forced Indian firms to upgrade quality, reduce costs, and adopt international standards such as ISO and Total Quality Management.

6. Rise of New Sectors:

Globalisation encouraged the growth of aviation, retail, e-commerce, hospitality, telecommunications, and private education. It diversified employment opportunities.

Challenges Created by Globalisation:

1. Increased Competition:

Domestic firms faced intense competition from multinational corporations (MNCs). Many small and medium enterprises struggled to survive due to lack of technology, marketing skills, or global-level efficiency.

2. Job Displacement:

Automation and outsourcing affected traditional employment. Labour-intensive industries struggled due to cheaper imports from China and ASEAN countries.

3. Threat to Domestic Industries:

Sectors like toy manufacturing, electronics, and small-scale industries suffered due to cheaper foreign products. Some industries closed down, affecting livelihoods.

4. Cultural and Social Impact:

Global lifestyles influenced Indian culture, leading to debates on identity, values, and consumer behaviour. Consumerism increased, affecting savings and social patterns.

5. Income Inequality:

Benefits of globalisation did not reach all sections of society equally. Urban areas gained more, while rural regions lagged behind, widening the economic gap

6. Economic Vulnerability:

Global economic shocks—such as recession, oil price fluctuations, and geopolitical conflicts—started affecting Indian markets more strongly.

Balanced Impact:

Despite challenges, globalisation significantly strengthened India’s economic position.

• Businesses became globally competitive.

• Consumers gained access to better-quality products.

• Employment in modern sectors increased.

• India became a part of global supply chains.

The challenge now is to make globalisation more inclusive by improving skill development, strengthening domestic industries, enhancing infrastructure, and protecting vulnerable sectors.

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