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Revision Notes

Globalisation

ICSE · Class 9 · Economic Applications

Quick revision notes for Globalisation — ICSE Class 9 Economic Applications. Key concepts, formulas, and definitions for last-minute revision.

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A diagram illustrating the three main components of India's New Economic Policy (LPG): Liberalisation, Privatisation, and Globalisation, with brief definitions for each.
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Key Topics to Revise

1

Introduction to New Economic Policy (1991)

  • 1991 marks a watershed moment in Indian economic growth with the introduction of New Economic Policy
  • Three pillars of economic reforms: Liberalisation (L), Privatisation (P), and Globalisation (G) - collectively known as LPG
  • Liberalisation: Removing controls, licensing, and permits from non-agricultural sectors
2

Meaning and Channels of Globalisation

  • Globalisation integrates national economy with world economies through trade, capital flows, and technology
  • Three main channels: (1) Opening world trade through trade liberalisation, (2) Removing barriers to international investment, (3) Free flow of technology between countries
  • Trade liberalisation requires removing import restrictions and reducing import duties
3

Effects of Globalisation

  • Positive effects: Expansion of world trade, increased international capital flow, greater interdependence between countries
  • Technology transfer from developed to developing countries improves productivity
  • Emergence of world markets increases choice for producers and consumers
4

Need for Globalisation in India

  • Weakness of pre-1991 policies: Low growth, rising unemployment, poor public sector performance
  • Foreign exchange crisis of 1991: Gulf War increased oil prices, heavy external debt burden
  • NRI deposits withdrawal due to political instability reduced foreign exchange

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Full Notes

Key Concepts

Globalisation is the process of integratingIndia faced a severe foreign exchangeIndia moved from a fixed exchangeFDI refers to investment made byWTO is an international organisation established

Frequently Asked Questions

What are the important topics in Globalisation for ICSE Class 9 Economic Applications?
Globalisation covers several key topics that are frequently asked in ICSE Class 9 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Globalisation — ICSE Class 9 Economic Applications?
Start by understanding all key concepts. Practise previous year questions from this chapter. Revise formulas and definitions regularly. Use flashcards for quick revision 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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