Tuesday, October 10, 2017

CBSE Class 10 - Economics - GLOBALISATION AND THE INDIAN ECONOMY (Important Points To Remember) (#cbseNotes)

GLOBALISATION AND THE INDIAN ECONOMY 
(Important Points To Remember) 

Special Economic Zone


 ① Globalisation refers to the integration of the domestic economy with the economies of the world. 

② An MNC is a company that owns and controls production in more than one nation.

Foreign Investment is an investment made by MNCs.

Liberalisation means the removal of barriers and restrictions set by the government on foreign trade.



⑤ Around 1991, government India adopted the policy of liberalisation.

World Trade Organization (WTO) was started at the initiative of the developed countries.

⑦ Its main objective is to liberalize international trade.

Privatisation means the transfer of ownership of property from the public sector to private sector.

⑨ Governments use trade barriers to increase or decrease (regulate) foreign trade to protect the domestic industries from foreign competition. Eg. Tax on imports.

Business Process Outsourcing (BPO) is the contracting of non-primary business activities and functions to a third-party service provider.

Multilateral Agreement is an agreement entered by a group of countries.

Mixed economy is a system in which private and public sector works together.

Economic Reforms or New Economic Policy is a policy adopted by the Government of India since July 1991. Its key features are Liberalization, Privatisation and Globalisation (LPG).

Special Economic Zones are set up by the central and state governments to attract foreign capital investment. 


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