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Background (New Economic Policy of LPG) Video Lecture | Economics Class 12 - Commerce
FAQs on Background (New Economic Policy of LPG) Video Lecture - Economics Class 12 - Commerce
| 1. What is the LPG in the context of the New Economic Policy? |  |
Ans. LPG in the context of the New Economic Policy refers to Liberalization, Privatization, and Globalization. It is an economic policy that aims to open up the economy, promote private sector participation, and integrate the country into the global market.
| 2. How does the New Economic Policy impact the liberalization of the economy? | |
Ans. The New Economic Policy promotes liberalization by removing barriers to trade and investment, reducing government regulations, and encouraging competition. This allows for greater participation of private players in various sectors, leading to economic growth and development.
| 3. What is the role of privatization in the New Economic Policy? | |
Ans. Privatization is one of the key components of the New Economic Policy. It involves transferring the ownership and control of state-owned enterprises to private entities. Privatization aims to improve efficiency, productivity, and profitability of these enterprises by introducing market-oriented practices.
| 4. How does globalization play a role in the New Economic Policy? | |
Ans. Globalization is an essential aspect of the New Economic Policy. It involves integrating the domestic economy with the global market by promoting international trade, foreign investments, and technological exchanges. Globalization helps in accessing new markets, attracting foreign investments, and fostering economic development.
| 5. What are the potential benefits of implementing the New Economic Policy of LPG? | |
Ans. The implementation of the New Economic Policy can bring several benefits. It can lead to increased foreign direct investments, technological advancements, job creation, higher economic growth, improved living standards, and access to a wider range of goods and services. Additionally, it can enhance competitiveness, efficiency, and innovation within the economy.
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