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Liberalisation, Privatisation and Globalisation: An Appraisal — Chapter Summary

CBSE · Class 11 · Economics

Summary of Liberalisation, Privatisation and Globalisation: An Appraisal for CBSE Class 11 Economics. Part of the CBSE Class 11 Economics syllabus.

123 questions72 flashcards5 concepts

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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

Frequently Asked Questions

What are the important topics in Liberalisation, Privatisation and Globalisation: An Appraisal for CBSE Class 11 Economics?
Key topics in Liberalisation, Privatisation and Globalisation: An Appraisal include Background of the 1991 Economic Crisis and Reforms, Liberalisation, Privatisation and Public Sector Enterprises, Globalisation and the World Economy. Study these first, then practise questions on each for Class 11 exams.
How should I revise Liberalisation, Privatisation and Globalisation: An Appraisal for Class 11 exams?
Learn the core ideas first, then work through the 123 practice questions on Liberalisation, Privatisation and Globalisation: An Appraisal. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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