Liberalization, Privatization and Globalization - Highlights of the LPG Policy | 12th Commerce : Chapter 20 : Business Environment : Liberalization, Privatization and Globalization
Chapter: 12th Commerce : Chapter 20 : Business Environment : Liberalization, Privatization and Globalization
Highlights of the LPG Policy
Highlights of the LPG Policy
Given below are the salient highlights of the
Liberalisation, Privatisation and Globalisation Policy in India:
(a) Introduction of new Foreign Trade Agreements
(b) Foreign Investment (FDI & FII)
(c) MRTP Act, 1969 (Amended)
(d) Deregulation
(e) Opportunities for overseas trade
(f) Steps to regulate inflation
(g) Tax reforms
(h) Abolition of License
Globalization and liberalization are concepts
closely related to one another, and both globalization and liberalization refer
to relaxing social and economic policies which results in better integration
with an economy and between nations. Globalization and liberalization both occur
as a result of modernization. Globalization is the greater integration among
countries and economies for trade, economic, social and political benefits.
Liberalization generally refers to removal of restrictions; usually government
rules and regulations imposed on social, economic, or political matters.
Key Terms
FDI, TRIPS, TRYSEM, GATS
The former Prime Minister of India Dr.Manmohan
Singh is considered as the architect of Indian economic reforms who introduced
the policy of liberalisation in India in 1991.
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