Question

short note on globalisation,liberlisation,privtisation?

Answer 1

Liberalization:

Soon after independence the time period was known as License Raj. As a result of the restriction in the past, India’s performance in the global market has been very dismal; it never reached even the 1% in the global market. India has vast natural resources with high-efficiency labor, but after all this it was still contributing with 0.53% till 1992.

PRIVATIZATION

India is leading towards privatization from government raj. As a result it lead in the development of country 500 faster than previous. Now India is in the situation of world fastest developing economy and may be chance that India will be at top till 2050.

GLOBALIZATION

The term is sometimes used to refer specifically to economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology. However, globalization is usually recognized as being driven by a combination of economic, technological, sociocultural, political, and biological factors.