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Change and Development in Industrial Society — Sociology STD 12 Humanities — Question

CBSE BoardEnglish MediumSTD 12 HumanitiesSociologyChange and Development in Industrial Society6 Marks
Question
How Globalisation, Liberalisation brought change in Indian Industry?
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Answer

  1. Since the 1990s, the Indian government has followed a new industrial policy. It is a policy of liberalization and globalization.
  2. Under liberalization, private companies, particularly foreign firms are motivated to invest in sectors earlier reserved for government including telecom, civil aviation, power, etc.
  3. In India licences are no longer required to open industries.
  4. Indian markets are open for foreign goods. Therefore foreign products are now easily available in Indian markets and shops.
  5. As a result of liberalization several Indian companies have been bought over by multinationals. At the same time some Indian companies are becoming multinational companies.
  6. The next major area of liberalisation may be in retail. Recent large investments by major Indian businesses like Reliance Industries and Bharti Airtel, have increased to the sense of urgency for foreign retailers.
  7. The government is trying to sell its share in several public sector companies, a process which is known as disinvestment.

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