What is liberalisation? Describe any four effects of liberalisation on the Indian economy
Globalization and Indian Economy (10)What is liberalisation ? Describe any four effects of liberalisation on the Indian economy.
Answer
Liberalisation means:
Removing barriers or restrictions set by the government is known as liberlisation:
Impacts of Liberalisation:
- Competition would improve the performance of producers within the country.
- Barriers on foreign trade and foreign investment were removed to a large extent. This meant that goods could be imported and exported easily.
- Foreign companies could set up factories and offices to boost up production.
- It allows to make decisions freely.
- The competition would improve the performance of producers within the country since they have to improve their quality.
Exam Year:
2017
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