Bhupendra Yadav, Institute of Professional Studies, Roorkee
Introduction
India is one of the largest economies in the world and has experienced rapid economic growth in recent years. However, despite its growth, India has been plagued by various unfair trade practises that have adversely affected its economy. Unfair trade practises are a problem for India as well as the entire world. They can be defined as any act by one party in an economic transaction that causes harm to another party without conferring an advantage on the perpetrator.
Unfair trade practises can take many forms, including price fixing, collusion and misleading advertising. These activities aim to distort the market and give one party an unfair advantage over others. One of the most common forms of unfair trade practises is dumping, where foreign companies flood the Indian market with cheap products, often subsidised by the domestic government, to gain a competitive advantage.
These unfair trade practises have several negative impacts on India. First, they hurt domestic industries by making it difficult for them to compete with foreign companies that can sell their products at below-market prices. This can lead to job losses and economic instability, especially in industries that are particularly vulnerable to foreign competition.
Moreover, it is often the consumers who suffer the most from these practises. When foreign companies dump products in India, they may be of lower quality than domestic products, but still sold at lower prices. Consumers may be attracted to these products but end up with goods that are of poor quality or break quickly. This can lead to frustration and distrust among consumers and ultimately damage the reputation of domestic companies.
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