Question

What are the essential features of (a) Liberalisation, (b) Privatisation and (c) Globalisation?

Answer 1

SOLUTION :

The essential  features of the liberalisation, privatisation and  globalisation were :  

LIBERALISATION :  

• Abolishing of licensing requirement in most of the industries.

• Freedom on deciding the size of the operation.

• Removal of restriction on the movement of goods and services.

• Freedom in fixing the price of goods and services.

• Simplification of process of exports and imports.

• Easy norms to attract foreign capital and technology.

 

PRIVATISATION :  

• Reduction in the role of public sector in government undertakings.

• Planned disinvestment of public sector undertakings.

• Reference of loss making government entities to Board of Industrial and Financial Reconstruction(BIFR).

 

GLOBALISATION :  

• Import liberalization to import capital goods( heavy machineries).

• Reduction in import duty.

• Export promotion through rationalisation of traffic structure and reforms.

• Promote foreign investment in India through foreign investment promotion board .

 

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Answer 2

*Liberalisation:-Means Removing trade barriers and restrictions on import of the country govt. are called Liberalisation.

*Privatisation:-Means to save there products or materials within the private individuals of the country is called privatisation.

Globalisation:- Means to share there products or goods globally or across the country is called globalisation.

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