Write an Essay on the Economic Liberalisation in India
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The term Liberalization have become watchword not only for scholars interested in analyzing the policies and practices of the government but also for activitists seeking to understand how it may be beneficial for people in general.
The word ‘Liberalization’ has gained ascendance on account of growing role of the market in view of integration of world economies called ‘Globalization.’ In a way, globalization of the world economy leading to liberalization in particular countries
What is Liberalization?
The concept of liberalization comprises practices and policy by which trade barriers, restrictions and protectionist measures of the government are removed. It is intended to ensure free flow of capital, technology and services to ensure multifaceted growth and development.
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Liberalization is said to be break with the past in the sense that in earlier days of her Independence, India relied protectionist measures of state are phased out. Moreover, it is said to be a panacea for, ‘Licence quota permit Raj’ of the post independent period.
India’s commitment to the liberalization strategy is outlined in the New Industrial Policy 1991 whose patron was then Finance Minister Mr. Manmohan Singh. Its chief features are as follows:
i. Deregulation
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ii. Disinvestment
iii. Privatization
India’s Liberalization Strategy:
In the context of India, the process of liberalization has adopted two pronged strategy.
1. Short term stabilization programme meant to ensure favourable conditions for trade and finance.
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2. Structural Adjustment Programme to fine tune the institutions in the direction of a market friendly economy.
The word ‘Liberalization’ has gained ascendance on account of growing role of the market in view of integration of world economies called ‘Globalization.’ In a way, globalization of the world economy leading to liberalization in particular countries
What is Liberalization?
The concept of liberalization comprises practices and policy by which trade barriers, restrictions and protectionist measures of the government are removed. It is intended to ensure free flow of capital, technology and services to ensure multifaceted growth and development.
ADVERTISEMENTS:
Liberalization is said to be break with the past in the sense that in earlier days of her Independence, India relied protectionist measures of state are phased out. Moreover, it is said to be a panacea for, ‘Licence quota permit Raj’ of the post independent period.
India’s commitment to the liberalization strategy is outlined in the New Industrial Policy 1991 whose patron was then Finance Minister Mr. Manmohan Singh. Its chief features are as follows:
i. Deregulation
ADVERTISEMENTS:
ii. Disinvestment
iii. Privatization
India’s Liberalization Strategy:
In the context of India, the process of liberalization has adopted two pronged strategy.
1. Short term stabilization programme meant to ensure favourable conditions for trade and finance.
ADVERTISEMENTS:
2. Structural Adjustment Programme to fine tune the institutions in the direction of a market friendly economy.
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