Liberalisation, Privatisation and Globalisation: An Appraisal
CBSE · Class 11 · Economics
Summary of Liberalisation, Privatisation and Globalisation: An Appraisal for CBSE Class 11 Economics. Key concepts, important points, and chapter overview.
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Overview
India faced a severe economic crisis in 1991. Foreign exchange reserves had fallen to levels that were not enough for even a fortnight, imports were growing faster than exports, and inflation was rising. India received a $7 billion loan from the World Bank and the IMF with conditions that pushed the
Key Concepts
India faced a balance of payments
India faced a balance of payments crisis in 1991. Foreign exchange reserves had fallen to a very low level, and the government could not meet its inte
The New Economic Policy was
The New Economic Policy was the wide-ranging reform package introduced in 1991 after India accepted conditions attached to international assistance.
These are short
These are short-term steps taken to correct balance of payments problems and control inflation. A major immediate measure was devaluation of the rupee
These are long
These are long-term reforms meant to improve efficiency and international competitiveness by removing rigidities in the economy.
Liberalisation means removing many controls
Liberalisation means removing many controls and restrictions on economic activity. It included industrial deregulation, financial sector changes, tax
Learning Objectives
- Understand the economic crisis that led to the 1991 reforms
- Explain the meaning of liberalisation, privatisation and globalisation
- Identify the main reforms in the industrial, financial, tax, foreign exchange and trade sectors
- Understand the role of disinvestment and the changing status of public sector enterprises
- Examine the impact of reforms on agriculture, industry, employment and fiscal policy
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Sources & Official References
- NCERT Official — ncert.nic.in
- CBSE Academic — cbseacademic.nic.in
- CBSE Official — cbse.gov.in
- National Education Policy 2020 — education.gov.in
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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