How economic reform in India is influenced by liberalisation, privatisation and globalisation?
Answers
Explanation:
Economic liberalisation in India was initiated in 1991 by Prime Minister P. V. Narasimha Rao and his then- Finance Minister Dr. Manmohan Singh. Rao was often referred to as Chanakya for his ability to steer tough economic and political legislation through the parliament at a time when he headed a minority government.
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Liberalization-:The liberalization process has impacted the conditions of Indian labour in the organized and unorganized sectors, both big and small, with regard to factors such as wages, labour welfare, trade unionism, social security, employability, labour utilization, job security, labour flexibility, employment growth.
Privatisation :- It refers to shedding of ownership or management of a government owned enterprise. Govt. companies are converted into pvt. one in two ways - I) By withdrawal of govt. from ownership and management of public sector companies and, II) Outright sale of public sector companies. Privatisation of the public sector enterprises by selling off part of the equity of PSEs to the public is known as disinvestment. The aim was, to improve financial discipline and facilitate modernisation. The govt. has also made attempts to improve the efficiency of PSUs by giving them autonomy in taking managerial decisions. E.g. Some PSUs have been granted the status of maharatnas, navratnas & miniratnas.
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