Describe the changes occured in india after adopting the policy of liberalisation and globalisation
Answers
1. increased role of private sector :
liberation led private player to come up and play a major role in the Indian economy , many sectors were set open for private players to bring in efficiency and healthy competition.
2. foreign investment : globalization and liberalization both opened the gate of Indian economy for foreign investment by the means of direct investment and portfolio investment, which increased India's Forex reserve.
3. service sector: both the process gave a new impetus to the growth of service sector making it the largest contributor to the national GDP
4. economic growth :liberalization and globalization helped India to become one of the fastest growing economies of the world
5. employment growth : new employment opportunity in service sector and manufacturing sector were available to Indian working population improving on the employment situation in India.