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Globalisation — Revision Notes

ICSE · Class 9 · Economic Applications

Globalisation revision notes for ICSE Class 9 Economic Applications: 4 topics in quick points. Part of the ICSE Class 9 Economic Applications syllabus.

44 questions35 flashcards5 concepts

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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

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1. Meaning and Main Ideas

  • Globalisation means integrating one country’s economy with the economies of other countries.
  • It happens mainly through three channels: opening up world trade, removing barriers to international investment, and free flow of technology.
  • It is one of the three broad components of the new economic policy, along with liberalisation and privatisation.
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2. Why Globalisation Became Necessary in India

  • Weaknesses of pre-1991 policies led to low economic growth, rising unemployment, stagnation in domestic saving and investment, poor performance of public sector enterprises, inadequate infrastructure,
  • A major foreign exchange crisis occurred in 1991.
  • The Gulf war between Iraq and Kuwait in 1990-91 was the first and immediate cause of the foreign exchange crisis.
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3. Policy Measures Used to Promote Globalisation

  • Exchange rate reforms changed the system from fixed exchange rates to market-determined flexible exchange rates.
  • Convertibility of the Indian rupee on trade account was achieved in August 1994.
  • This convertibility was partial convertibility because it covered current account transactions only and not capital account transactions.
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4. Effects of Globalisation on the Indian Economy

  • Globalisation helped raise the growth rate of the Indian economy.
  • GDP growth rate picked up from 5 per cent in 1990-91 to 9 per cent in 2021-22.
  • India experienced GDP growth of around 7 per cent between 2003-04 and 2021-22.

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Full Notes

Key Concepts

Globalisation means integrating one economyLiberalisation is the removal of controlsPrivatisation means expanding the roleGlobalisation takes place mainly through openingThe need arose from weak pre

Frequently Asked Questions

What are the important topics in Globalisation for ICSE Class 9 Economic Applications?
Key topics in Globalisation include Meaning and Main Ideas, Why Globalisation Became Necessary in India, Policy Measures Used to Promote Globalisation, Effects of Globalisation on the Indian Economy. Study these first, then practise questions on each for Class 9 exams.
How should I revise Globalisation for Class 9 exams?
Learn the core ideas first, then work through the 44 practice questions on Globalisation. 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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All ICSE Class 9 Economic Applications Revision Notes

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