indian economic development - liberalisation, privatisation and globalisation: an appraisal

Class 11 - Indian Economic Development

Liberalisation, Privatisation and Globalisation: An Appraisal

Q&A
Question:

Why were reforms introduced in India?

Answer:

In 1991, economic reforms were introduced in India because 1991 was the year of crisis for the Indian economy. It is clear from the following facts:
(a) National income was growing at the rate of 0.8%.
(b) Inflation reached the height of 16.8%.
(c) Balance of payment crisis was to the extent of 10,000 crores.
(a) India was highly indebted country. It was paying 30,000 crores interest charges per year.
(e) Foreign exchanges reserves were only 1.8 billion dollars which were sufficient for three weeks.
(f) India sold large amount of gold to Bank of England.
(g) India applied for the loan from World Bank and IMF to the extent of 7 billion dollars.
(h) Fiscal deficit was more than 7.5%.
(i) Deficit financing was around 3%.
(j) Trade relation with Soviet block had broken down.
(k) Remmittances from non-residence Indians stopped due to war in Arab countries.
(l) Price of petroleum products was very high.



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Questions and Answers


Liberalisation, Privatisation and Globalisation: An Appraisal - Questions
1.

Do you think outsourcing is good for India? Why are developed countries opposing it?


Answer
2.

How was RBI controlling the commercial banks?


Answer
3.

India has certain advantages which makes it a favourite outsourcing destination. What are these advantages?


Answer
4.

What is the most important function of RBI?


Answer
5.

What is the meaning of quantitative restrictions?


Answer
6.

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


Answer
7.

Do you think the navratna pdlicy of the government helps in improving the performance of public sector undertakings in India? How?


Answer
8.

What are the major factors responsible for the high growth of the service sector?


Answer
9.

Why has the industrial sector performed poorly in the reform period?


Answer
10.

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


Answer
11.

How many countries are members of the WTO?


Answer
12.

Distinguish between the following:
(i) Strategic and Minority sale


Answer
13.

Why are tariffs imposed?


Answer
14.

Why were reforms introduced in India?


Answer
15.

What do you understand by devaluation of rupee?


Answer
16.

Agriculture sector appears to be adversely affected by the reform process. Why?


Answer
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