What are the main arguments made for and against liberalisation? … - Vidyadip

Question

What are the main arguments made for and against liberalisation? Explain.

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Answer

For -

It has opened up Indian market to foreign companies resulting in increasing foreign investment.
Privatisation is supposed to increase efficiency.
Stimulate economic growth.
More employment opportunities.
Reduced the government's burden of running the companies.

Against:

Sectors like automobiles may lose being unable to compete with foreign producers.
Privatisation has also led to loss of employment in some sectors.
Indian farmers can not compete with farmers from other countries because import of agricultural products is allowed.
Small manufacturers cannot face global competition.
Threat to traditional systems of craft, agriculture, knowledge, etc.

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