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3. LIBERALISATION, PRIVATISATION AND GLOBALISATION AN APPRAISAL

The chapter discusses the economic reforms introduced in India during the 1991 crisis, highlighting the background, policies implemented, and their impacts on various sectors. It elaborates on the concepts of liberalisation, privatisation, and globalisation, emphasizing the challenges and opportunities they present for the Indian economy. The reform process is assessed in terms of its effects on growth, employment, and economic inequality.

Sections

  • 3

    Liberalisation, Privatisation And Globalisation An Appraisal

    This section assesses the economic reforms introduced in India since 1991, focusing on liberalisation, privatisation, and globalisation.

    Learning Practice

  • 3.1

    Introduction

    This section outlines the key themes related to the economic reforms in India post-1991, focusing on the interplay of liberalisation, privatisation, and globalisation.

    Learning Practice

  • 3.2

    Background

    The section outlines the background and causes of India's economic crisis in 1991, leading to significant reforms in the economy.

    Learning Practice

  • 3.3

    Liberalisation

    Liberalisation in India refers to the economic reforms initiated in 1991 to reduce government restrictions on the economy, aimed at enhancing growth and global integration.

    Learning Practice

  • 3.3.1

    Deregulation Of Industrial Sector

    The deregulation of the industrial sector in India post-1991 removed several regulatory barriers, facilitating a more competitive environment for industry growth.

    Learning Practice

  • 3.3.2

    Financial Sector Reforms

    This section discusses the financial sector reforms in India post-1991, focusing on deregulation and the shift of the RBI from a regulator to a facilitator.

    Learning Practice

  • 3.3.3

    Tax Reforms

    Tax reforms introduced in India aimed to streamline the taxation system, reduce tax evasion, and encourage economic growth by simplifying procedures and introducing Goods and Services Tax (GST).

    Learning Practice

  • 3.3.4

    Foreign Exchange Reforms

    This section discusses India's foreign exchange reforms introduced in 1991, highlighting the devaluation of the rupee and the shift towards market-determined exchange rates.

    Learning Practice

  • 3.3.5

    Trade And Investment Policy Reforms

    The Trade and Investment Policy Reforms in India are pivotal changes that aimed to enhance industrial competitiveness and attract foreign investments after the economic crisis of 1991.

    Learning Practice

  • 3.4

    Privatisation

    Privatisation involves the process of transferring ownership or management of state-owned enterprises to private entities to improve financial discipline and operational efficiency.

    Learning Practice

  • 3.5

    Globalisation

    Globalisation refers to the integration of the Indian economy with the world economy, resulting in increased interdependence and connectivity in economic and social aspects.

    Learning Practice

  • 3.6

    Indian Economy During Reforms: An Assessment

    This section assesses the impact of economic reforms in India since the 1991 crisis, analyzing growth, employment, and sectoral changes.

    Learning Practice

  • 3.7

    Conclusion

    The conclusion reflects on the mixed outcomes of globalization, liberalization, and privatization on India's economic landscape.

    Learning Practice

  • 38

    Exercises

    This section poses a series of questions designed to assess understanding of economic reforms in India.

    Learning Practice

References

h3.pdf

Class Notes

Memorization

What we have learnt

  • Liberalisation, privatisati...
  • The Indian economy faced a ...
  • While the service sector ha...

Final Test

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