Explain the following terms:
a. Liberalisation
b. Privatization
c. Globalisation
a) Liberalization
Liberalization means to liberate industry from the shackles of the licensing system. The economic reforms that were introduced were aimed at liberalizing the Indian business and industry from all unnecessary controls and restrictions. Liberalization signalled the end of the license permit quota and other restrictions that were put on the industries before 1991.
b) Privatization
Privatization means to drastically reduce the role of the public sector. It refers to transfer of ownership, management and control of the public sector to the private sector. And to achieve this government adopted disinvestment of the public sector and referred the loss making and sick enterprises to the Board of industrial and Financial Reconstruction.
c) Globalization
Globalization means to encourage foreign private participation in India’s industrial development. It refers to integration of the various economies of the world leading towards the emerging of a cohesive or interconnected global economy. It also implies reducing the restrictions on the import and export such as licensing and tariffs.
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