How have markets been transformed in recent years? Explain with examples.

Solution

Starting around 1991, some far-reaching changes in policy were made in India. Barriers on foreign trade and foreign investment has been removed to a large extent. This meant that goods could be imported and exported easily and also foreign companies could set up factories and offices here.
With the liberalisation of trade, businesses are allowed to make decisions freely about what they wish to import or export. The goverment imposes much less restrictions than before and is therefore said to be more liberal

Some More Questions From Globalisation and The Indian Economy Chapter

What do you understand by globalisation? Explain in your own words.

What was the reason for putting barriers to foreign trade and foreign investment by the Indian government? Why did it wish to remove these barriers?

How would flexibility in labour laws help companies?

What are the various ways in which MNCs set up, or control production in other countries?

Why do developed countries want developing countries to liberalise their trade and investment? What do you think should the developing countries demand in return?

‘The impact of globalisation has not been uniform’. Explain this statement.

How has liberalization of trade and investment policies helped the globalization process?

How does foreign trade lead to integration of markets across countries? Explain with an example other than those given here.

Globalisation will continue in the future. Can you imagine what the world would be like twenty years from now? Give reasons for your answer.

Supposing you find two people arguing : One is saying globalisation has hurt our country’s development. The other is telling, globalisation is helping India to develop. How would you respond to these arguments?

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Globalisation And The Indian Economy

How have markets been transformed in recent years? Explain with examples.

Some More Questions From Globalisation and The Indian Economy Chapter

What do you understand by globalisation? Explain in your own words.

What was the reason for putting barriers to foreign trade and foreign investment by the Indian government? Why did it wish to remove these barriers?

How would flexibility in labour laws help companies?

What are the various ways in which MNCs set up, or control production in other countries?

Why do developed countries want developing countries to liberalise their trade and investment? What do you think should the developing countries demand in return?

‘The impact of globalisation has not been uniform’. Explain this statement.

How has liberalization of trade and investment policies helped the globalization process?

How does foreign trade lead to integration of markets across countries? Explain with an example other than those given here.

Globalisation will continue in the future. Can you imagine what the world would be like twenty years from now? Give reasons for your answer.

Supposing you find two people arguing : One is saying globalisation has hurt our country’s development. The other is telling, globalisation is helping India to develop. How would you respond to these arguments?

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