Liberalisation, Privatisation And Globalisation : An Appraisal

  • Question 97

    What does outsourcing refer to?


    Outsourcing refers to the system of hiring business services from the outside world. These sources include call-centres, transportation, clinical advice etc.

    Question 98

    What is privatisation? What are the various ways of privatisation? How is it different from nationalisation?


    Privatisation:Privatisation implies shedding of ownership or management of a government owned enterprise. It is the transfer of a function, activity or organisation from the public sector to private sector.

    Various ways of privatisation:There are two ways of privatisation:

    (i) By withdrawal of the government from ownership and management of public sector companies and (ii) by outright sale of public sector companies.

    Difference between privatisation and nationalisation:In privatisation, there is transfer of an organisation from government sector to private sector, whereas in nationalisation, there is transfer of an organisation from private sector to public sector.

    Question 99

    Name the Navratnas.


    The Navratnas are as under:

    1. Indian Oil Corporation Ltd. (IOCL)

    2. Bharat Petroleum Corporation Ltd.


    3. Hindustan Petroleum Corporation Ltd.


    4. Oil and Natural Gas Corporation Ltd.


    5. Steel Authority of India Ltd. (SAIL)

    6. Indian Petrochemicals Corporation Ltd.


    7. Bharat Heavy Electricals Ltd. (BHEL)

    8. National Thermal Power Corporation Ltd.


    9. Mahanagar Telephone Nigam Ltd.


    10. Gas Authority of India Ltd. (GAIL)

    11. Videsh Sanchar Nigam Ltd. (VSNL)

    Question 100

    What do you know about Siricilla Tragedy?


    Siricilla is a small town in Andhra Pradesh. It is house of powerlooms. Most of the people living in Siricilla are powerloom workers. Their wages are linked to the production of cloth. Power cut means cut in wages of weavers. This led to a crises in the livelihood of the weavers and fifty powerloom workers committed suicide.

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