Liberalisation, Privatisation And Globalisation Economics - Liberalisation, Privatisation And Globalisation

________ was the predecessor organisation to World Trade Organisation (WTO).

1. International Bank for Reconstruction and Development (IBRD)
2. International Monetary Fund (IMF)
3. Reserve Bank of India (RBI)
4. General Agreement on Tariffs and Trade (GATT)

When was WTO established?

1. 1991
2. 1981
3. 1995
4. 2000

When was New Economic Policy announced?

1. In July, 1991
2. In June, 1991
3. In July, 1996
4. In June, 1992

Opening up the economy to the economies of the world so that Indian economy can compute at international level is called:

1. Liberalisation.
2. Globalisation.
3. Privatisation.
4. None of the above.

The origin of the financial crisis can be traced from the inefficient management of the Indian economy, which of the following reasons are responsible?

1. Government did not able to generate sufficient revenue.
2. Government expenditure began to exceed its revenue.
3. Government borrowed money for meeting consumption needs.
4. All of the above.

Urban concentration of growth process is the positive impact of LPG polices. (True/ False)

Financial sector is controlled through various rules and regulations of RBI. (True/ False)

Globalisation of the public sector undertakings by selling off part of the equity of PSUs to the private sector is known as disinvestment. (True/ False)

Increase in equity limit of foreign investment are the measures adopted for Globalisation. (True/ False)

Fill up the blank with correct answer.
During India’s first seven five-year plans, the Government of India adopted ________ policy to protect domestic industries.

CGST stands for _________.

Privatisation of the public sector undertakings by selling off part of the equity of PSUs to the private sector is known as _________.

LPG stands for ________.

SGST stands for ________.

State any one outcome of implementation of Economic Reforms in India in 1991.

What do you mean by dereservation of industries?

If the multinational companies outsource many services to countries like India because of cheap manpower, what will happen to people living in the countries where the companies are located? Identify the value being violated by the multinational companies.

Who heads GST Council?

Some Public Sector Undertakings (PSUS) have been granted special status as navaratnas and mini ratnas by Government. Why did Government declare them as navaratnas?

Write a short note on WTO.

Give any three aims of demonetisation.

Read this excerpt of a news item from a daily newspaper describing something that is now becoming increasingly common.
"On a morning, a few minutes before 7A.M., Greeshma sat in front of her computer with her headset on and said in accented English 'Hello, Daniella'. Second later, she gets the reply, 'Hello, Greeshma'. The two chatted excitedly before Greeshma said that we will work on pronouns today'. Nothing unusual about this that except that Greeshma, 22, was in Kochi and her student Daniella, 13, was at her home in Malibu, California. Using a simulated whiteboard on their computers, connected by the Internet, and a copy of Daniella's textbook in front of Greeshma, she guides the teenager through the intricacies of nouns, adjectives and verbs. Greeshma, who grew up speaking Malayalam, was teaching Daniella English grammar, comprehension and writing."

1. How has this become possible? Why can't Daniella get lessons in her own country? Why is she getting English lessons from India, where English is not the mother tongue?
2. India is benefitting from liberalisation and integration of world markets. Do you agree?

What were the objectives behind Trade and Investment Policy reforms?

What is meant by demonetisation? What is its impact on the money supply of the country?

Why were the navaratna companies formed originally?

Distinguish between:

1. Bilateral and multilateral trade.
2. Tariff and Non-Tariff barriers.

Give arguments against the economic reforms in 1991.

Why were the public sector undertakings sold off to the private sector after 1991?

What do you understand by GST? How good is a system of GST as compared to the old tax system? State its categories.

Discuss economic reforms in India in the light of social justice and welfare.

Why did RBI have to change its role from controller to facilitator of financial sector in India?

What do you understand by devaluation of rupee?

Those public sector undertakings which are making profits should be privatised. Do you agree with this view? Why?

How is RBI controlling the commercial banks?