Liberalisation, Privatisation and Globalisation
From NCERT Indian Economic Development, this topic explains liberalisation, privatisation, and globalisation in India. You trace the 1991 crisis of foreign exchange, debt, and inflation that forced reform, then study stabilisation measures alongside structural changes such as industrial delicensing, trade opening, foreign investment rules, tax reform, and disinvestment. The lesson compares the public sector's earlier role with private competition after reform and reviews the gains in growth and choice against concerns about jobs, agriculture, and public services.
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