Discuss the advantages and disadvantages of liberalisation. - Vidyadip

Question

Discuss the advantages and disadvantages of liberalisation.

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Answer

Liberalisation-
Advantages:

Loosening of governmental regulations on capital, labour and trade;
A reduction in tariffs and import duties so that foreign goods can be imported more easily.
Privatisation of industries will promote economic growth and prosperity because private industry is more efficient.
Increase in foreign investment which helps economic growth and investment.

Disadvantages:

Some sectors of Indian industries like automobiles. Electronics or oilseeds will lose because they cannot compete with foreign producers.
Farmers are controlled by MNC’s resulting in loss leading to debts.
Small manufacturers are not able to compete with foreign goods and brands.
The privatisation or closing of public sector industries has led to loss of employment in some sectors. However, in some cases, there is growth of unorganised sector employment at the expense of the organised sector, which is not good for the workers as they are paid less and are not permanent.

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