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Liberalisation and its Industrial Policy Video Lecture | Economics Class 12 - Commerce
FAQs on Liberalisation and its Industrial Policy Video Lecture - Economics Class 12 - Commerce
| 1. What is liberalization and how does it relate to industrial policy? |  |
Ans. Liberalization refers to the process of reducing government regulations and restrictions in a particular industry or sector. In the context of industrial policy, liberalization involves opening up markets, removing trade barriers, and promoting competition. It aims to create a more open and competitive environment for businesses, both domestic and foreign, to thrive.
| 2. What are the main goals of liberalization in industrial policy? | |
Ans. The main goals of liberalization in industrial policy are to stimulate economic growth, attract foreign investment, enhance competitiveness, and increase efficiency in the industrial sector. By reducing barriers to entry and promoting competition, liberalization aims to create a level playing field for businesses, encourage innovation and technological advancements, and ultimately drive economic development.
| 3. How does liberalization impact domestic industries and businesses? | |
Ans. Liberalization can have both positive and negative impacts on domestic industries and businesses. On one hand, it can expose them to increased competition, which may lead to challenges for less competitive or inefficient firms. On the other hand, liberalization can also provide opportunities for domestic industries to expand their markets, access new technologies and resources, and improve their competitiveness through exposure to international best practices.
| 4. What are the potential benefits of liberalization in industrial policy for consumers? | |
Ans. Liberalization in industrial policy can benefit consumers in several ways. Firstly, it can lead to greater choice and variety of products and services, as domestic and foreign businesses compete to attract customers. Secondly, liberalization can result in lower prices due to increased competition and efficiency gains. Lastly, it can drive improvements in product quality and customer service as businesses strive to differentiate themselves in the market.
| 5. Are there any risks or challenges associated with liberalization in industrial policy? | |
Ans. Yes, there are risks and challenges associated with liberalization in industrial policy. One of the key risks is the potential for market concentration and the emergence of monopolies or oligopolies, which can limit competition and harm consumers. Additionally, liberalization can lead to job losses in industries that are unable to adapt to increased competition. It may also create social inequalities if certain regions or sectors benefit more than others. Proper regulatory frameworks and policies are necessary to address these risks and ensure a balanced and inclusive approach to liberalization.
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