Briefly explain the following
(a) Liberalisation
(b) Privatisation
(c) Globalisation
The three important features of New Economic Policy, 1991
(a) Liberalisation Under the new economic policy of 1991, the economic reforms that were introduced aimed at liberalising the Indian business and industry from all unnecessary controls and restrictions. They signalled the end of the licence-permit quota raj.
(b) Privatisation The new set of economic reforms that aim at giving greater role to the private sector in the nation building process and a reduced role to the public sector.
(c) Globalisation Globalisation means the integration of the various economies of the world leading towards the emergence of a cohesive global economy. Till 1991, India had a policy which strictly regulated imports in value and volume terms. After 1991, the reforms aimed at import liberalisation.
How would you characterise business environment? Explain with examples, the difference between general and specific environment.
Identify changes in business environment under different heads – economic, social, technological, political and legal that have facilitated the companies decisions to plan significant invstments in organised retailing.
What has been the impact of these changes with regard to globalisation and privatisation?
What are the essential features of
(a) Liberalisation
(b) Privatisation
(c) Globalisation
How would you argue that the success of a business enterprise is significantly influenced by its environment?
Why it is important for business enterprises to understand their environment? Explain briefly.
What economic changes were initiated by the Government under the Industrial Policy, 1991? What impact have these changes made on business and industry?
Why it is important for business enterprises to understand their environment? Explain briefly.