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Liberalisation, Privatisation and Globalisation in India Video Lecture | Geography Class 12 - Humanities/Arts

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FAQs on Liberalisation, Privatisation and Globalisation in India Video Lecture - Geography Class 12 - Humanities/Arts

1. What is liberalisation, privatisation, and globalisation in the context of India?
Ans. Liberalisation, privatisation, and globalisation, commonly known as LPG, refer to the economic reforms introduced in India during the early 1990s. Liberalisation aimed to reduce government control and regulations on the economy, privatisation sought to transfer ownership and management of state-owned enterprises to private entities, and globalisation aimed to integrate the Indian economy with the global markets.
2. What were the reasons behind the implementation of liberalisation, privatisation, and globalisation in India?
Ans. The implementation of LPG in India was primarily driven by the need to overcome economic stagnation, balance of payment crisis, and fiscal deficit. These reforms aimed to boost economic growth, attract foreign investments, improve efficiency, and enhance competitiveness in the global market.
3. How did liberalisation, privatisation, and globalisation impact the Indian economy?
Ans. LPG reforms had both positive and negative impacts on the Indian economy. On the positive side, they led to increased foreign direct investment, modernisation of industries, improved access to global markets, and higher economic growth rates. However, they also resulted in job losses in certain sectors, increased income inequality, and challenges for small-scale industries to compete with multinational corporations.
4. What were the major sectors affected by liberalisation, privatisation, and globalisation in India?
Ans. The major sectors affected by LPG reforms in India included telecommunications, banking and finance, aviation, manufacturing, and retail. These sectors witnessed significant changes in regulations, increased competition, and the entry of foreign players.
5. How did liberalisation, privatisation, and globalisation impact the common Indian citizens?
Ans. The impact on common Indian citizens varied. While LPG reforms brought new job opportunities and improved access to global products and services, they also led to increased cost of living, reduced job security, and widening income disparities. The benefits of these reforms were not evenly distributed, and certain sections of society faced more challenges in adapting to the changes brought about by liberalisation, privatisation, and globalisation.
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