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Liberalisation, Privatisation and Globalisation: An Appraisal — Revision Notes

CBSE · Class 11 · Economics

Liberalisation, Privatisation and Globalisation: An Appraisal revision notes for CBSE Class 11 Economics: 4 topics in quick points.

123 questions72 flashcards5 concepts

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Key Topics to Revise

1

1. Background of the 1991 Economic Crisis and Reforms

  • In 1991, India faced a serious economic crisis linked to external debt and a shortage of foreign exchange.
  • Foreign exchange reserves fell to a level not sufficient for even a fortnight.
  • The government could not make repayments on borrowings from abroad.
2

2. Liberalisation

  • Liberalisation means removing unnecessary restrictions on economic activities.
  • Before reforms, industrial licensing controlled entry, production, closure, and output levels in many industries.
  • After reforms, industrial licensing was abolished for almost all industries.
3

3. Privatisation and Public Sector Enterprises

  • Privatisation means shedding ownership or management of a government-owned enterprise.
  • Government companies can be converted into private companies by withdrawal of government ownership and management or by outright sale.
  • Disinvestment means privatisation of public sector enterprises by selling off part of the equity to the public.
4

4. Globalisation and the World Economy

  • Globalisation means integration of the economy of a country with the world economy.
  • It creates networks and activities across economic, social, and geographical boundaries.
  • It makes events in one place affect activities far away.

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Full Notes

Key Concepts

India faced a balance of paymentsThe New Economic Policy wasThese are shortThese are longLiberalisation means removing many controls

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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