Question

Impact of liberalisation and globalisation and privatisation on the business economy

Answer 1

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━━━━━━━━━━━━━━━━━━━$\mathfrak{\green{Answer.}}$Liberalisation is the freeing of business from government control. The government reduces itself to making the ideal environment for business and putting up independent regulators to oversee the business and refrain itself from for issuing licenses , quota for manucturing etc.

There are three types of liberalisation

Product liberalisation - this is the reason why we are able to choose from hundreds of car models etc . This is the most completed part of liberalisation Process in India

Process liberalisation - this is the liberalisation of the business process and is only partly achieved. Once we have a complete liberalisation of the business process the archaic labour laws and inspector raj will be done away with and the ease of doing business with improve

Capital liberalisation - this is the liberalisation of the bank processes. This also has been partly achieved.


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