NCERT Class 11 Economics LPG An Appraisal

Read and download NCERT Class 11 Economics LPG An Appraisal in NCERT book for Class 11 Economics. You can download latest NCERT eBooks chapter wise in PDF format free from Studiestoday.com. This Economics textbook for Class 11 is designed by NCERT and is very useful for students. Please also refer to the NCERT solutions for Class 11 Economics to understand the answers of the exercise questions given at the end of this chapter

NCERT Book for Class 11 Economics Indian Economic Development Chapter 3 Liberalisation, Privatisation and Globalisation An Appraisal

Class 11 Economics students should refer to the following NCERT Book Indian Economic Development Chapter 3 Liberalisation, Privatisation and Globalisation An Appraisal in Class 11. This NCERT Book for Class 11 Economics will be very useful for exams and help you to score good marks

Indian Economic Development Chapter 3 Liberalisation, Privatisation and Globalisation An Appraisal NCERT Book Class 11

LIBERALISATION, PRIVATISATION AND GLOBALISATION: AN APPRAISAL

3.1 INTRODUCTION

You have studied in the previous chapter that, since independence, India followed the mixed economy framework by combining the advantages of the market economic system with those of the planned economic system. Some scholars argue that, over the years, this policy resulted in the establishment of a variety of rules and laws which were aimed at controlling and regulating the economy and instead ended up hampering the process of growth and development. Others state that India, which started its developmental path from near stagnation, has since been able to achieve growth in savings, developed a diversified industrial sector which produces a variety of goods and has experienced sustained expansion of agricultural output which has ensured food security. In 1991, India met with an economic crisis relating to its external debt — the government was not able to make repayments on its borrowings from abroad; foreign exchange reserves, which we generally maintain to import petrol and other important items, dropped to levels that were not sufficient for even a fortnight. The crisis was further compounded by rising prices of essential goods. All these led the government to introduce a new set of policy measures which changed the direction of our developmental strategies. In this chapter, we will look at the background of the crisis, measures that the government has adopted and their impact on various sectors of the economy.

3.2 BACKGROUND

The origin of the financial crisis can be traced from the inefficient management of the Indian economy in the 1980s. We know that for implementing various policies and its general administration, the government generates funds from various sources such as taxation, running of public sector enterprises etc. When expenditure is more than income, the government borrows to finance the deficit from banks and also from people within the country and from international financial institutions. When we import goods  like petroleum, we pay in dollars which we earn from our exports.  Development policies required that even though the revenues were very low, the government had to overshoot its revenue to meet problems like unemployment, poverty and population explosion. The continued spending on development programmes of the government did not generate additional revenue. Moreover, the government was not able to generate sufficiently from internal sources such as taxation. When the government was spendinga large share of its income on areas which do not provide immediate returns such as the social sector and defence, there was a need to utilise the rest of its revenue in a highly efficient manner. The income from public  sector undertakings was also not very high to meet the growing expenditure. At times, our foreign exchange, borrowed from other countries and international financial institutions, was spent on meeting consumption needs. Neither was an attempt made to reduce such profligate spending nor sufficient attention was given to boost exports to pay for the growing imports.

EXERCISES

1. Why were reforms introduced in India?

2. How many countries are members of the WTO?

3. What is the most important function of RBI?

4. How was RBI controlling the commercial banks?

5. What do you understand by devaluation of rupee?

6. Distinguish between the following

(i) Strategic and Minority sale

(ii) Bilateral and Multi-lateral trade

(iii) Tariff and Non-tariff barriers.

7. Why are tariffs imposed?

8. What is the meaning of quantitative restrictions?

9. Those public sector undertakings which are making profits should be privatised. Do you agree with this view? Why?

10. Do you think outsourcing is good for India? Why are developed countries opposing it?

11. India has certain advantages which makes it a favourite outsourcing destination. What are these advantages?

12. Do you think the navaratna policy of the government helps in improving the performance of public sector undertakings in India? How?

13. What are the major factors responsible for the high growth of the service sector?

14. Agriculture sector appears to be adversely affected by the reform process. Why?

15. Why has the industrial sector performed poorly in the reform period?

16. Discuss economic reforms in India in the light of social justice and welfare.


Please refer to attached file for NCERT Class 11 Economics LPG-An Appraisal

Appendix A : Glossary Of Statistical Terms
NCERT Class 11 Statistics Glossary Of Statistical Terms
Appendix B : Table Of Two-Digit Random Numbers
NCERT Class 11 Statistics Table Of Two Digit Random Numbers
Indian Economic Development Chapter 01 Indian Economy on the Eve of Independence
NCERT Class 11 Economics Indian Economy On The Eve Of Independence
Indian Economic Development Chapter 03 Liberalisation, Privatisation and Globalisation: An Appraisal
NCERT Class 11 Economics LPG An Appraisal
Indian Economic Development Chapter 04 Poverty
NCERT Class 11 Economics Poverty
Indian Economic Development Chapter 05 Human Capital Formation In India
NCERT Class 11 Economics Human Capital Formation In India
Indian Economic Development Chapter 06 Rural Development
NCERT Class 11 Economics Rural Development
Indian Economic Development Chapter 07 Employment Growth Informalisation and Other Issues
NCERT Class 11 Economics Employment Growth And Other Issues
Indian Economic Development Chapter 08 Infrastructure
NCERT Class 11 Economics Infrastructure
Indian Economic Development Chapter 09 Environment and Sustainable Development
NCERT Class 11 Economics Environment And Sustainable Development
Indian Economic Development Chapter 10 Comparative Development Experiences Of India and Its Neighbours
NCERT Class 11 Economics Comparative Development Experiences Of India And Its Neighbours
Indian Economic Development Chapter 2 Indian Economy 1950-1990
NCERT Class 11 Economics Indian Economy
Statistics for Economics Chapter 01 Introduction
NCERT Class 11 Statistics Introduction
Statistics for Economics Chapter 02 Collection of Data
NCERT Class 11 Statistics Collection of Data
Statistics for Economics Chapter 03 Organisation of Data
NCERT Class 11 Statistics Organisation of Data
Statistics for Economics Chapter 04 Presentation of Data
NCERT Class 11 Statistics Presentation of Data
Statistics for Economics Chapter 05 Measures of Central Tendency
NCERT Class 11 Statistics Measures of Central Tendency
Statistics for Economics Chapter 06 Measures of Dispersion
NCERT Class 11 Statistics Measures of Dispersion
Statistics for Economics Chapter 07 Correlation
NCERT Class 11 Statistics Correlation
Statistics for Economics Chapter 08 Index Numbers
NCERT Class 11 Statistics Index Numbers
Statistics for Economics Chapter 09 Use of Statistical Tools
NCERT Class 11 Statistics Use of Statistical Tools

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