Question
Liberalisation and Globalisation
| Sr. No. | Liberalisation | Globalisation |
| (i) | Meaning: Liberalisation refers to the removal of undue restrictions and eliminations of bureaucratic controls on productive activities and paves the way for economic development. | Meaning: Globalisation refers to the integration of the domestic economy with the world economy. |
| (ii) | Liberalisation is a means to achieve globalisation.e.g. reduction in tariff is a liberal measure. | Globalisation can be realised through external liberalisation. e.g. if the tariff is reduced, transfer of resources, goods, etc., can be made easier. |
| (iii) | Effect: Liberalisation has given a boost to foreign trades. | Effect: Globalisation has led to the increase in foreign direct investment and technical collaboration. |
| (iv) | Manifestations: Abolishing industrial licenses, scrapping the MRTP limit, etc., are the measures adopted to liberate the Indian economy. | Manifestations: Relaxing the FEAR/FEMA regulations, eliminating the trade barriers, providing tax concessions and other incentives to the foreign investors. |
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