Economics

Liberlisation, Privatisation & Globalisation

Questions Bank

  • Impact of Appraisal of LPG Policies are 
    (i) Increase in Foreign Investment; (ii) Increase in foreign exchange reserves; (iii) Inflation; (iv) Increase in domestic product; (v) Increase in exports; (vi) Consumer sovereignty.
    2017-07-15 22:12:59
  • Globalisation may be defined as a process associated with the growing economic interdependence and economic integration with world economy.
    Policy Promoting Globalisation: (a) Increase in equity limit of foreign investment; (b) Partial convertibility (c)    Long term trade policy (d) Reduction in tariff.
    2017-07-15 22:11:24
  • Privatisation is the general process of involving the private sector in the ownership or operation of a state owned enterprise.
    Policies adopted are (a) Contraction of public sector.
    (b) Abolish the ownership of government; (c) Sale of shares of public enterprises.
    2017-07-15 22:09:36
  • Economic Reforms under Liberalisation are (a) Industrial Sector Reforms; (b) Financial Sector Reforms; (c)    Fiscal Reforms; (d) Foreign Exchange Reforms; (e) Trade and Investment Reforms
    2017-07-15 22:08:23
  • New Economic Policy Stabilization,these are short term measures introduced by government to control rise in price, adverse balance of payment and fall in foreign exchange reserve.
    Structural Adjustment are long term policies. The goal of structural reforms are to abolish controls, eliminate bureaucratic hurdles.
    2017-07-15 22:07:01
  • Factors Responsible for Economic Reforms are (i) Fall in foreign exchange reserve; (ii) Adverse balance of payments (iii) Mounting Fiscal Deficit, (iv) Price Rise
    (v) Failure of Public Enterprises; (vi) Gulf Crisis.
    2017-07-15 22:04:01
  • Economic reforms or structural adjustment is long term multi-dimensional package of various policies (Liberalisation, privatization and globalization) and programmes for the speedy growth, efficiency in production and make a competitive environment.
    2017-07-15 22:00:45

Questions Bank -

Ans. It is defined as transfer of control and ownership from the public sector to the private sector.

Ans. The objective was to ensure optimum utilisation of world resources by establishing a rule based trade regime.

Ans. The free convertibility is an attribute of a currency which is freely exchangeable for another currency or for gold.

Ans. The new economic policy was enforced in July 1991.

Ans. The government promote exports before 1991 was by the way of tax concessions and subsidies to exporters.

Ans. Three services outsourced from India are:
(a) Voice-based business process
(b) Banking service

Ans. The objective of de-licensing was abolition of industrial licensing and control.

Ans. India had to face the serious balance of payment problem as the import was more than the export.

Ans. The reason was the protection of domestic industries from foreign competition.



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