Cheat sheet · Class 12 · CBSE · Commerce Economics
Indian Economic Development: Liberalisation, Privatisation and Globalisation – An Appraisal cheat sheet
The whole chapter on one page: key formulas, facts and the points to remember, for quick revision before a test.
CBSE Class 12 · Economics
Cheat sheet
Chapter 9Liberalisation, Privatisation and Globalisation
1991 crisis → New Economic Policy (LPG).
1. 1991 Crisis
Foreign exchange reserves fell to about two weeks of imports; high fiscal deficit and inflation. India borrowed from the IMF and World Bank.
2. Reforms
| Area | Changes |
|---|---|
| Industry | delicensing (most industries), fewer reserved for public sector |
| Financial | RBI from regulator to facilitator; private & foreign banks |
| Tax | lower rates, simpler system |
| External | rupee devaluation, lower tariffs, removal of quotas |
| Privatisation | disinvestment of PSUs |
3. Globalisation
- Outsourcing (BPOs).
- WTO (1995) membership.
- Assessment: growth in services; concerns over agriculture and jobs.
4. Key Points
- Maharatnas, Navratnas.
- GST (2017) reform.
- Demonetisation (2016).
- Growth unevenly shared.
Remember: 1991 crisis | reforms by area | WTO | assessment
More Class 12 · CBSE · Commerce Economics cheat sheets
- Macroeconomics: Introduction
- Macroeconomics: National Income Accounting
- Macroeconomics: Money and Banking
- Macroeconomics: Determination of Income and Employment
- Macroeconomics: Government Budget and the Economy
- Macroeconomics: Open Economy Macroeconomics
- Indian Economic Development: Indian Economy on the Eve of Independence
- Indian Economic Development: Indian Economy 1950–1990
- Indian Economic Development: Liberalisation, Privatisation and Globalisation – An Appraisal
- Indian Economic Development: Human Capital Formation in India
- Indian Economic Development: Rural Development
- Indian Economic Development: Employment – Growth, Informalisation and Other Issues
- Indian Economic Development: Environment and Sustainable Development
- Indian Economic Development: Comparative Development Experiences of India and its Neighbours
Practise Indian Economic Development: Liberalisation, Privatisation and Globalisation – An Appraisal
Sign up free to practise the full chapter. Questions you get wrong come back until you've mastered them.
Start practising freeFree to start · No credit card needed