Liberalisation, Privatisation And Globalisation : An Appraisal

Question

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

Answer

In the light of social justice and welfare, economic reforms have resulted in the growth of GDP from 6.1 to 8% during 10th five year plan. It has also caused the growth of small scale industries. India is becoming pioneer producer in the field of engineering goods, telecommunication, readymade clothes etc. inflation has also been controlled. However, economic reforms have adversely affected the growth of agriculture sector. It has resulted in widening the inequalities among people, or states. Further, it has increased the income and quality of consumption of only high income groups and the growth has been concentrated only in some select areas in the services sector such as telecommunication, information technology and finance, entertainment, travel and hospitality services and real estate and rather than vital sectors such as agriculture and industry which provide employment and livelihood to millions of people in the country

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