Question

What do you understand by liberalisation,privatisation,globisation how they have hepled industirial developmnet on india?

Answer 1

Liberalisation refers to the removal of trade barriers and other restrictions on the movement of goods and capital across countries. It helps to increase foreign trade because different countries can now easily trade among themselves.

Bringing more and more companies under private control (ownership by one individual or group of individuals ) is called privatization.

Due to high foreign trade and foreign investment, the markets across countries are getting interconnected. This rapid interconnection of markets and production is called globalisation.

These factors have helped industrial development in India in the following way:-

1. Liberalisation has made it easier for companies from other countries to set up industries, factories, etc in India

2. Privatization has led to the creation and setting up of many private industries

3. Globalisation has interlinked production in various countries. It has created a demand for production from Indian markets and has also let to better industrial practices and increased production standards of various industries.