Many small business are being forced to close because they are unable compete with multinational corporation? what problems does this cause and how can problems be solved?

Globalization has affected many small businesses native to the country. Opening up of economies to multi-national companies (MNCs) forced many medium and small firms to shut down their operations because they were unable to survive the competition from the MNCs. Small industries are

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essential contributors to a nation’s economy,

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, supporting them is important. When small corporations of a state are closed down, it will affect the government as well as the citizens.

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, when small-scale

manufacturers

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shut down, the consumer is offered limited choices that are only from the big companies and,

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, they will be forced to buy commodities at the price fixed by these multi-national

manufacturers

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.

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, the big company becomes a monopoly in the market. The government is

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affected since the articles which were earlier made in the homeland, had to be now imported, in turn reducing the Gross Domestic Product (GDP) of the country.

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, it is important to regulate the influence that the international players have in our commercial markets. Various initiatives

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apply

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can be implemented to protect micro-industries from exposure to international industries.

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, the ministry must regulate the number of commodities that the big companies can import, namely, through import duties and additional taxes.

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, subsidies can be provided to native

manufacturers

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,

for example

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, the subsidies to ‘MSMEs’ provided by the Indian government to support businesses in the post-pandemic world.

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, will be to enlighten consumers about the importance of buying native produce, through campaigns like “Vocal for local” and “Make in India”. These steps would support micro-industries to compete against international players. In summary, local

manufacturers

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are being forced to shut down due to the stiff competition from the multi-national products which started penetrating the market with the advent of globalization. The closure of local industries will impact a nation’s economy, so, there are various initiatives, that should be implemented to find a solution to

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crisis.