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Fill ups 1. Minimising the restriction …

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Fill ups 1. Minimising the restriction on foreign trade is an example of ___________.(globalisation/liberalisation)

Posted by Manav Sharma 5 years, 3 months ago

CBSE > Class 12 > Business Studies

1 answers

Gaurav Seth 5 years, 3 months ago

Ans: Liberalisation
Liberalisation of the economy means its freedom from direct or physical controls imposed by the government.

Economic Reforms Under Liberalisation
(i) Industrial Sector Reforms

Abolition of industrial licensing.
De-reservation of production areas.
Expansion of production capacity.
Freedom to import goods.

(ii) Financial Sector Reforms
Liberalisation implied a substantial shift in the role of the RBI from a regulator to a facilitator of the financial sector.
(iii) Fiscal Reforms Fiscal reforms relate to revenue and expenditure of the government. Tax reforms are the principal component of fiscal reforms. Broadly taxes are classified

Direct Taxes and
Indirect Taxes

(iv) External Sector Reforms It include Foreign exchange reforms and Foreign trade policy reforms.

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