Liberalisation, Privatisation and Globalisation: An Appraisal Class 11 Economics Exam Questions

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Class 11 Economics Exam Questions Liberalisation, Privatisation and Globalisation: An Appraisal

Class 11 Economics students should read and understand the important questions and answers provided below for Liberalisation, Privatisation and Globalisation: An Appraisal which will help them to understand all important and difficult topics.

Question. Explain the main objectives of Globalization.
Ans. Following are the main objectives of globalization are as follows:
1. Reduction of trade barriers to liberalize world trade.
2. Serves as a platform for countries to raise their concern regarding the trade policies of their trading partners.
3. To enlarge production and trade of services.
4. To protect the environment
5. To provide greater market access to all member countries.

Question. Give the list of navaratna companies
Ans. (a) Bharat Electronics Ltd.
(b) Bharat petroleum Corporation Ltd.
(c) Hindustan Aeronautics Ltd.
(d) Hindustan Petroleum Corporation Ltd.
(e) Mahanagar Telephone Nigam Ltd.
(f) National Alluminium Company Ltd.
(g) National mineral Development Corporation Ltd.
(h) Neyvelil Lignite Corporation Ltd.
(i) Oil India Ltd.
(j) Power Finance Corporation Ltd.
(k) Power Grid Corporation of India Ltd.
(l) Rashtriya Ispat Nigam Ltd.
(m) Rural Electrification Corporation Ltd.
(n) Shipping Corporation of India Ltd.

Question. Write a short note on Niti Aayog.
Ans. Its constitution comprises the following:
1. Chair person (The Prime Minister)
2. Vice-Chairperson
3. Full Time members(four)
4. Chief Executive officer(one)
Formed via a resolution of the union Cabinet on January 1,2015. NITI Aayog is the premier policy “Think-Tank” of the government of India (GOI), providing
both directional and policy inputs. While designing strategic and long-term policies and programmes for the GOI, it also provides relevant technical advice
to the centre and states.

Question. Privatization of the public sector undertakings by selling off part of the equity of PSU’s to the private sector is known as answer:(disinvestment)

Question. SGST stands for answer ( State Goods and Services Tax)

Question. What is privatization?
Ans. It implies shedding of the ownership or management of a government – owned enterprise.

Question. Define disinvestment.
Ans. Disinvestment refers to a deliberate sale of a part of the capital stock of a company to raise resources and change the equity and /or management
structure of a company.

Question. What is meant by globalization?
Ans. Globalization is an outcome of the set of various policies aiming at transforming the world towards greater interdependence and integration.

Question. What do you understand by GST? How good is a system of GST as compared to the old tax system? State its categories.
Ans. GST is the “single comprehensive indirect tax” on supply of goods And services right from manufacturer or service provider to the consumer.
The system of GST as compared to the old tax system.
1. Has simplified the multiplicity of taxes on goods and services.
2. The laws, procedures and rates of taxes across the country are also now standardized.
3. It has also facilitated the freedom of movement of goods and services.
4. It has created a common market in the country. The two categories of GST and CGST and SGST.

Question. What are the objectives of WTO?
Ans. Objectives of World Trade Organization(WTO) are:
(a)Reduction of trade barriers to liberalize world trade.
(b) Serves as a platform for countries to raise their concerns regarding the trade policies of their trading partners.
(c) To enlarge production and trade of services.
(d) To ensure optimum utilization of world resources.
(e) To protect the environment.
(f) To provide greater market access to all member countries.
LONG QUESTIONS AND ANSWERS: (6 MARKS)

Question. Explain the reasons for introduction of New Economic policy.
Ans. (1) Poor performance by the public sector undertakings
(2) Inflationary pressures

Question. What is meant by demonetization?
Ans. De monetization is the economic policy wherein the legal status of a currency unit is cancelled and new one comes into circulation.

Question. When was de monetization implemented in India?
Ans. On November 8,2016 , demonetization was implemented in India with its announcement by the Prime Minster Narendra Modi’s address to the nation at 20:15 IST.

Question. What are Fiscal policy reforms? Explain.
Ans. Fiscal policy reforms were undertaken to improve the expenditure and revenue policies of the government. The following steps were undertaken:
(a)Tax Reforms: Tax rates were reduced, tax evasion was plugged and procedures were simplified.
(b) Government expenditure was curtailed by cutting down on unnecessary expenses. Borrowings were reduced and all loss-making PSU’s were shut down.
(c) Disinvestment in PSU’s was undertaken to plug the budgetary deficit.

Question. Explore the industrial policy Reforms under NEP 1991.
Ans. Industrial Policy Reforms were aimed at reducing government control and opening up the industrial sector to private participation. The reforms were:
(i) Delicensing of industries
(ii) Deregulation of industries
(iii) Dereservation of industries by withdrawal of reservation in public sector.
(iv) Foreign capital was also encouraged by increasing the share of foreign investment.

Question. Give any three aims of demonetization.
Ans. The three aims of demonetization are:
(a) To Curb corruption
(b) To curb counterfeiting
(c) To curb the use of high denomination notes for terrorist activities.

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