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Abstract
A multinational corporation can be defined as one having a subsidiary or branch or place of business in two or more countries or operates in two or more countries or territories. Therefore, a multinational can be called by virtue of its physical presences or by virtue of geographical scope of its operations in two or more countries. Multinationals are sometimes also referred to “transnational corporations”. The term “multinational” is more of an American term whereas the term “transnational” is European. In order to understand the complicated interrelation between domestic industries and multinational corporations (MNCs), it is imperative to establish the meaning and present status of the both. This research entails to explain the basic terms in lucid terms so as to lay foundation for a comprehensive research on multinational corporations with Indian domestic industry.