What are the merits and demerits of globalisation privatisation and liberisation?
Answers
Answer:
Before 1991 Indian economy was focused towards agriculture n we followed the policy of protectionism, no doubt we achieved great success n saw expansion of domestic industry but we faced following problems.
* Balance of payment crisis
*Lack of quality goods because of less competition
*Lack of exposure n standing in the world market
That's when government of India decided to open up the economy through LPG
Explanation:
You can see the results where we are today
♠ Our GDP is growing more or less consistently
♠ We are known in the world market
♠ We have variety from all over the world at reasonable prices.
♠ FDI n FII are taking interest in our market
♠ Our service sector is flourishing
♠ We are outsourcing IT services at cheaper rates n hence our IT industry is providing employment to huge number of graduates
♠ More employment opportunities
♠ Good political relations with other countries
♠ We are in the good books of international organisations.
Let there be competition, let us be struggling to match n Excel the best