Structural Changes in the Indian Economy after Liberalization
ICSE · Class 11 · Economics
Flashcards for Structural Changes in the Indian Economy after Liberalization — ICSE Class 11 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is meant by economic reforms?
Answer
Economic reforms mean a change in the set of policies from one time period to another. In India, they refer to policy changes introduced since 1991 to improve efficiency, productivity, and profitabili…
What are the two broad types of economic reforms?
Answer
Economic reforms are broadly classified into stabilisation measures and structural measures. Stabilisation measures are short-term steps to control foreign exchange crisis and inflation. Structural me…
What do stabilisation measures do?
Answer
Stabilisation measures are short-term measures intended to tackle foreign exchange crisis and bring inflation under control. They include changes in monetary, fiscal, and exchange rate policies.
What do structural measures do?
Answer
Structural measures are long-term measures aimed at improving the efficiency of the economy and increasing its international competitiveness by removing rigidities in different parts of the Indian eco…
What is the New Economic Policy also called?
Answer
The New Economic Policy is popularly known as the LPG Model of Growth. LPG stands for Liberalisation, Privatisation, and Globalisation.
What is liberalisation?
Answer
Liberalisation means giving greater freedom to economic agents to take their own decisions. It reduces unnecessary government controls and restrictions on trade and industry.
What is privatisation?
Answer
Privatisation refers to any process that reduces the participation of the state or public sector in economic activities of a country. It includes disinvestment, transfer of ownership to the private se…
What is globalisation?
Answer
Globalisation means the opening of the economy for the world market. It connects production, trade, and financial transactions of a country with other countries of the world.
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