Essay Examples on State University of New York at Delhi

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1991 was a crisis situation for Indian Economy

1991 was a crisis situation for Indian economy because of deficit balance of payment India was in a disastrous situation as they had only gold reserves left to meet the requirement for 3 weeks of imports After independence Indian economy chose to be a closed economy i e no imports and exports and to be self sufficient and fulfil need of everyone by products produce within India only But to get loan from World Bank they asked to change their policy and opt for open economy Thus Liberalization Privatization and Globalization concept was introduced Liberalization means relaxation of various government restrictions in the areas of social and economic policies Privatization is the process of transferring an enterprise or industry from the public sector to the private sector Globalization refers to the free movement of goods capital services people technology and information It is the action or procedure of international integration of countries Impact of globalization could be seen on different sectors of Indian economy they are as follows AGRICULTURE SECTOR Agriculture was the main occupation of majority of Indians before 1991 almost 60 population was only dependent on agriculture and also agriculture provided many raw materials for many non agriculture sector or industry Globalization impacted agriculture in following ways Globalization led to threefold benefits in the form of technological advancements quality enhancement and improved production techniques
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