Globalisation — Chapter Summary
ICSE · Class 9 · Economic Applications
Summary of Globalisation for ICSE Class 9 Economic Applications. Part of the ICSE Class 9 Economic Applications syllabus.
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Overview
Globalisation is the policy of opening up the Indian economy to other economies of the world through trade, capital flows, and technology. It became an important part of the New Economic Policy along with liberalisation and privatisation. The year 1991 marked a major turning point in the growth of t
Key Concepts
Globalisation means integrating one economy
Globalisation means integrating one economy with other economies of the world through trade, capital flows, and technology. It opens the economy to go
Liberalisation is the removal of controls
Liberalisation is the removal of controls, licensing, and permits that regulated the non-agricultural sector before 1991.
Privatisation means expanding the role
Privatisation means expanding the role of the private sector and reducing the role of the public sector, including transfer of public sector enterpris
Globalisation takes place mainly through opening
Globalisation takes place mainly through opening up world trade, removing barriers to international investment, and free flow of technology.
The need arose from weak pre
The need arose from weak pre-1991 policies, a severe foreign exchange crisis, IMF and World Bank conditionalities, and the fall of the USSR as a major
Learning Objectives
- Understand the meaning of globalisation and its connection with the New Economic Policy
- Identify the three main channels through which globalisation takes place
- Explain why India moved towards globalisation after 1991
- Describe the policy steps taken to support globalisation in India
- Assess the effects of globalisation on the Indian economy and Indian industry
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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