Question

Briefly explain the following:
(a) Liberalisation
(b) Privatisation
(c) Globlisation

Answer 1

SOLUTION :

(a) LIBERALISATION  :  

Through liberalisation process, the Indian business and industry was freed from unnecessary controls restrictions. Necessity of licences in case of many goods and services were waived.

 

(b) PRIVATISATION :  

It refers to the reduction in the role of government in the public sector enterprises. Under this government disinvested many of  the public sector enterprises in favour of private sector and enhanced the role of private sector in those area in the government would hold.

 

(c) GLOBALISATION :  

Globalisation is the byproduct of liberalisation of economy. Globalisation is the integration of India's economy with the global economy.  Under globalisation ,the whole world has become one market . Anything can be bought and sold anywhere. So there is liberalised imports and exports.

HOPE THIS ANSWER WILL HELP YOU…

Answer 2

Explanation:

ANSWER

a) Liberalization means relaxation of various government restrictions in the areas of social and economic policies. Liberalizing trade policy by the government that is removal of tariff, subsidies and other restrictions on the flow of goods and services between countries is also termed as liberalization.

b)The transfer of ownership, property or business from the government to the private sector is termed privatization. The government ceases to be the owner of the entity or business.

c) Globalisation describes a process by which national and regional economies, societies, and cultures have become integrated through the global network of trade, communication, immigration and transportation.