UPSC Exam > UPSC Videos > NCERT Video Summary: Class 6 to Class 12 (English) > Indian Economy: Liberalisation, Privatisation & Globalisation: An Appraisal
Indian Economy: Liberalisation, Privatisation & Globalisation: An Appraisal Video Lecture | NCERT Video Summary: Class 6 to Class 12 (English) - UPSC
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FAQs on Indian Economy: Liberalisation, Privatisation & Globalisation: An Appraisal Video Lecture - NCERT Video Summary: Class 6 to Class 12 (English) - UPSC
| 1. What is the concept of liberalisation in the context of the Indian economy? |  |
Ans. Liberalisation refers to the process of removing government regulations and restrictions on various sectors of the economy. In the Indian context, it involved reducing the role of the government in regulating industries, allowing private players to enter various sectors, and encouraging foreign investment. This was done to promote competition, efficiency, and economic growth.
| 2. What is the significance of privatisation in the Indian economy? | |
Ans. Privatisation refers to the transfer of ownership and control of public sector enterprises to private entities. In the Indian economy, privatisation aimed to improve the efficiency and performance of public sector enterprises, reduce the burden on the government, and attract private investment. It also aimed to promote competition and innovation in sectors previously dominated by public enterprises.
| 3. What are the benefits of globalisation in the Indian economy? | |
Ans. Globalisation refers to the integration of economies through the exchange of goods, services, capital, and technology. In the Indian economy, globalisation has brought several benefits. It has expanded market access for Indian businesses, facilitated the inflow of foreign direct investment, increased exports, and created employment opportunities. Globalisation has also led to the transfer of technology and knowledge, fostering innovation and growth.
| 4. What are the challenges faced by the Indian economy due to liberalisation, privatisation, and globalisation? | |
Ans. While liberalisation, privatisation, and globalisation have brought significant benefits, they have also posed challenges to the Indian economy. Some challenges include rising income inequality, increased competition for domestic industries, vulnerability to global economic shocks, and environmental concerns. Additionally, there have been concerns about the exploitation of labor, loss of traditional industries, and the need for effective regulations to prevent market failures.
| 5. How has liberalisation, privatisation, and globalisation impacted the Indian agriculture sector? | |
Ans. Liberalisation, privatisation, and globalisation have had mixed impacts on the Indian agriculture sector. While they have opened up opportunities for agricultural exports, improved access to technology, and increased market integration, they have also posed challenges. Indian farmers have faced competition from imported agricultural products, the risk of price fluctuations in the global market, and unequal benefits of trade liberalisation. The sector has also witnessed a shift towards cash crops and commercial farming, impacting traditional agricultural practices.
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Nov 06, 2024 Last updated |
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