Meaning and concept of liberalization,globalisation,privatisation and its impact on education
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Privatisation refers to the gradual transfer of ownership or management of state owned enterprises from the public sector to the private sector enterprises.
While, globalisation can be defined as a process associated with increasing openness, growing economic independence and promoting economic integration in the world economy.
Liberalisation on the other hand, refers to the freedom of the economy from direct or physical controls (such as, industrial licensing, price control, import license) imposed by the government. It implies greater dependence on the market for making various economic decisions. In other words, it refers to a gradual move from a planned socialist economy towards a market economy.
While, globalisation can be defined as a process associated with increasing openness, growing economic independence and promoting economic integration in the world economy.
Liberalisation on the other hand, refers to the freedom of the economy from direct or physical controls (such as, industrial licensing, price control, import license) imposed by the government. It implies greater dependence on the market for making various economic decisions. In other words, it refers to a gradual move from a planned socialist economy towards a market economy.
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India's New Economic Policy was announced on July 24, 1991 known as the LPG or Liberalisation, Privatisation and Globalisation model. Liberalization- It refers to the process of making policies less constraining of economic activity and also reduction of tariff or removal of non-tariff barriers.
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