hey guys,,,,
plzzzz.... give me the definition
of
♡privatition
♡ globalization
♡ liberalisation
soon plzz......
Answers
LPG stands for Liberalization, Privatization, and Globalization. India under its New Economic Policy approached International Banks for development of the country. These agencies asked Indian Government to open its restrictions on trade done by the private sector and between India and other countries.
Liberalization
The basic aim of liberalization was to put an end to those restrictions which became hindrances in the development and growth of the nation. The loosening of government control in a country and when private sector companies’ start working without or with fewer restrictions and government allow private players to expand for the growth of the country depicts liberalization in a country.
Privatization
This is the second of the three policies of LPG. It is the increment of the dominating role of private sector companies and the reduced role of public sector companies. In other words, it is the reduction of ownership of the management of a government-owned enterprise. Government companies can be converted into private companies in two ways.
Globalization
It means to integrate the economy of one country with the global economy. During Globalization the main focus is on foreign trade & private and institutional foreign investment. It is the last policy of LPG to be implemented.
Globalization as a term has a very complex phenomenon. The main aim is to transform the world towards independence and integration of the world as a whole by setting various strategic policies. Globalization is attempting to create a borderless world, wherein the need of one country can be driven from across the globe and turning into one large economy.
hopes it helps you...
Please mark this answer as a brainlist one...
Globalization :- Rapid integration of technology is known as globalization .
Liberalization :- It facilitate import and export of goods easily and allow foreign companies to set up factories and offeces across the globe .
Privatization :- Giving amount to private
companies .