The Economic Impact Of Liberalization And Globalization In India

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Ans .Globalisation : It means a process through which economies , culture & society get together through a global network of communication & trade. This term basically implies to integrate with international boundries through various no. of sources such as foreign trade ,investmets , export & imports. The Indian economy was in major crisis in 1991 when foreign currency reserves went down to $1 billion. Globalisation generally means to integrate our economy with world. It has impact on various sources such as agriculture , finance , health & many other sectors. It was done only after liberalisation , privatisation & globalisation launched by prime minister man mohansingh . THE IMPACT OF GLOBALISATION ON VARIOUS SECTORS ARE : 1. AGRICULTURE SECTOR : Agriculture plays a main role in indian economy around which socio-economic privileges revolve and any change in its structure is likely to have a corresponding impact on the existing pattern of Social equity. The liberalization of India’s economy was adopted by India in 1991. In crisis india approach imf for loan now which is called as structured adjustment loan. Globalisation has helped in : Raising living standard Removing poverty Assuring of food security 2. INDUSTRIAL SECTOR : Industrial sector plays a big role as before 1990 they opened a market to invest in foreign market for earning in various sectors of steel , medicines etc. but now after 1991 it changes a lot you can directly invest in foreign markets which solve

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