Question

What Is Meant by Liberalisation, Privatisation and Globalisation?

Answer 1

Liberalisation refers to the process of eliminating unnecessary controls and restrictions for the smooth functioning of trade and business.

Globalisation is the process by which ideas, goods and services are spread throughout the world by crossing the national boundaries.

Privatisation is the process of converting a public sector company or enterprise into the private sector.

Jointly these three terms are known as LPG and were instrumental in improving the Indian Economy after 1991.

Also see:

• MCQs on Liberalisation
• MCQs on Globalisation
• Advantages of Globalisation
• Objectives of Privatisation