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Mind Map: Liberalisation, Privatisation and Globalisation : An Appraisal
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Page 1 Liberalisation, Privatisation and Globalisation Economic Policy of 1991 Stabilisation Measures Structural Reform Measures Liberalisation Industrial Sector Reforms Licensing Abolishment De-reservation of Industries Financial Sector Reforms RBI's Role T ransformation Opening to FIIs T ax Reforms Reduction and Simplification Foreign Exchange Reforms Rupee Devaluation Market-determined Exchange Rates Privatisation T ransfer of Ownership Outright Sale Withdrawal of Government Ownership Disinvestment Globalisation Integration with Global Economy Liberalisation Economic Activity Globalization T rade Liberalisation Privatisation Increased Collaborations Outsourcing Hiring Business Services Call Centers BPOs KPOs World T rade Organisation Role in Globalisation T ariff and Non-tariff Barriers Reduction Assessment of LPG Policies Merits Economic Growth Rise in FDI Increased Exports Check on Inflation Demerits Unemployment Neglect of Agriculture Industrial Slowdown Disinvestment Issues Fiscal Policy LimitationsRead More
FAQs on Mind Map: Liberalisation, Privatisation and Globalisation : An Appraisal
| 1. What's the difference between liberalisation, privatisation and globalisation in Economics Class 12? |  |
Ans. Liberalisation removes government restrictions on economic activities, privatisation transfers public sector assets to private ownership, and globalisation integrates economies through international trade and investment. All three reshape how nations function economically but operate on different levels-domestic policy, ownership structure, and cross-border integration respectively.
| 2. How does privatisation affect employment and public services in India? | |
Ans. Privatisation can reduce government jobs but may improve service efficiency and quality through competitive management. However, profit-driven private sectors sometimes neglect unprofitable services like rural healthcare or education. The shift creates both opportunities for skilled workers and challenges for vulnerable populations dependent on affordable public services.
| 3. Why did India adopt liberalisation and globalisation policies in 1991? | |
Ans. India faced severe foreign exchange crises, inflation, and stagnant growth in 1991. Economic liberalisation opened markets to foreign investment, reduced bureaucratic controls, and allowed private enterprise expansion. Globalisation integration enabled India to access international markets, technology, and capital, transforming it into a faster-growing economy by the late 1990s.
| 4. What are the main advantages and disadvantages of globalisation for developing countries? | |
Ans. Globalisation benefits include foreign direct investment, technology transfer, job creation, and consumer choice. However, disadvantages involve job losses in uncompetitive sectors, cultural erosion, environmental degradation, and increased inequality between rich and poor regions. Developing nations struggle to balance growth opportunities against protecting domestic industries and vulnerable populations from global competition.
| 5. How do mind maps help understand liberalisation, privatisation and globalisation concepts? | |
Ans. Mind maps visually connect economic reforms, showing relationships between policy changes, market outcomes, and social impacts simultaneously. This structure helps students grasp how liberalisation enables privatisation, which supports globalisation. Refer to mind maps and flashcards on EduRev to see interconnected concepts, making CBSE Economics Class 12 revision clearer and faster.
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Apr 16, 2026 Last updated
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Mind Map: Liberalisation, Privatisation & Globalisation : An Appraisal of Economics Class 12 provides you one-page visual summary of the chapter covering all the important topics. Download the PDF from EduRev.
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