ECONOMIC LIBERALIZATION AND GLOBALIZATION. — Social Science STD 10 — Question
Gujarat BoardEnglish MediumSTD 10Social ScienceECONOMIC LIBERALIZATION AND GLOBALIZATION.3 Marks
Question
State advantages and disadvantages of Liberalization.
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Answer
In $1991,$ India accepted the policy of Liberailization for economic improvement. Its effects on Indian economy are as follows: • Advantages:-
$>$ Due to economic Globalization, there is a rise in industrial production.
$>$ Exchange reserve quota,
$>$ Rise in exports
$>$ Decrease in inflation,
$>$ Increase in capability to face competition at international level. • Disadvantages :-
$>$ Industrial development, due to globalization has been at the cost of agricultural growth.
$>$ Government debt has increased.
$>$ Income-inequality has widened.
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