question_answer 21)

Should producers such as Ravi stop production because their cost of production is higher compared to producers in other countries? What do you think?

Answer:

Ravi should either improve the technology of his manufacturing process to compete with the imported products or try to manufacture any other product which does not have so much competition from imported products. In both cases he will need to make some capital investment, for which he must approach the concerned government agencies or the banks for necessary loans.