Liberalization, Privatization and Globalization - Quick Revision Sheet
Quick revision
Dates and numbers
| Item | Fact |
|---|---|
| 1991 | New Economic Policy; rupee devalued; MoU system introduced |
| Arthur Dunkel | 1932-2005; 22,000 page document for the WTO |
| Non-liberalised industries | Six, now five |
| SSI investment limit | Rs. 1 crore |
| Public sector industries | 17 (1956 policy) cut to 8; now 3 monopolies |
| Private share in PSUs | 45% to 55% (2011 and after) |
| India's GDP contribution | $1.3 trillion; seventh largest economy |
Key terms
| Term | Meaning |
|---|---|
| Liberalisation | Relaxation of government restrictions |
| Privatisation | Transfer of ownership from government to private sector |
| Globalisation | Integration of the domestic economy with the world |
| Disinvestment | Selling loss-making PSUs to the private sector |
| Repatriate | Send or bring money back to one's own country |
| Brain drain | Loss of educated, talented workers through migration |
| TRIPS | Trade Related Intellectual Property Rights |
Remember
- First company privatised: India Scooters Limited.
- Government monopolies today: Atomic Energy, Defence, Railways.
- Architect of reforms: Dr. Manmohan Singh.
- Key words: FDI, TRIPS, TRYSEM, GATS.
More for this chapter
Book Back Questions5 textbook MCQs · solved
Additional MCQs26 extra MCQs · solved
Practice TestInteractive · instant score
Book Back TestTest yourself on the textbook set
Additional MCQ TestTest yourself on the extra set
Study NotesConcepts & methods
More chapters in Commerce
View all
1 Principles of Management
2 Functions of Management
3 Management by Objectives (MBO) and Management by Exception (MBE)
4 Introduction to Financial Markets
5 Capital Market
6 Money Market
7 Stock Exchange
8 Securities and Exchange Board of India (SEBI)
9 Fundamentals of Human Resource Management
10 Recruitment Methods
11 Employee Selection Process
12 Employee Training Method
13 Concept of Market and Marketer
14 Marketing and Marketing Mix
15 Recent Trends in Marketing
16 Consumerism
17 Rights, Duties and Responsibilities of Consumers
18 Grievance Redressal Mechanism
19 Environmental Factors
21 The Sale of Goods Act, 1930
22 The Negotiable Instruments Act, 1881
23 Elements of Entrepreneurship
24 Types of Entrepreneurs
25 Government Schemes for Entrepreneurial Development
26 Companies Act, 2013
27 Company Management
28 Company Secretary