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What is libralization? Describe any four effects of libralisation on the indian economy. |
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Answer» Liberalisation means the opening of the country for foreign investments and capitals. Trade barriers are often used by countries to protect the domestic industries from the products of foreign land. Usually countries resort to impose Licenses, Import quotas or Voluntary export restraints to protect local markets.\tProducers: Tough competition faced by the producers in the native country by the producers of foreign markets\t\xa0Workers: Job insecurity, denial of fair share in the benefits brought about by globalisation.Other impacts:\tIncrease in the foreigh trade.\tIncrease in foreign investment.\texchange of technology between countries.\tBetter means of communication have developed alongside globalization.\tBetter job opportunities for people gave rise to migration Removing barriers or restrictions set by the government is known as liberalisation. Effects of liberalisation on the Indian economy : (a) Barriers to foreign trade and foreign investment were partially removed. (b) Goods could be imported and exported easily. |
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