Globalisation and Social Change — Sociology STD 12 Humanities — Question
CBSE BoardEnglish MediumSTD 12 HumanitiesSociologyGlobalisation and Social Change4 Marks
Question
Explain the economic policy of liberalisation.
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Answer
The term liberalisation refers to arrangement of policy decisions that the Indian state took since 1991 to open up the Indian economy to the world market.
This marked a break with an earlier stated policy of the government to have a greater control over the economy, in order to protect Indian industry and to develop the economy.
Liberalisation of economy meant the steady removal of rules that regulated Indian trade and finance which was described as economic reforms; this allowed more freedom to private industry.
It would bring about greater integration in a global market, involve taking loans from institution like IMF.
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