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Topic: Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth.
6. Define liberalization? How does it affect the international business environment? What led to Liberalisation of Indian economy? Discuss. (250 words)
Difficulty level: Moderate
Reference: InstaPedia
Why the question: The question is part of the static syllabus of General studies paper – 3 and mentioned as part of Mission-2022 Secure timetable.
Key Demand of the question: To write about the unfulfilled tasks of planning and thus the way forward to achieve it.
Directive word:
Discuss – This is an all-encompassing directive – you have to debate on paper by going through the details of the issues concerned by examining each one of them. You have to give reasons for both for and against arguments.
Structure of the answer:
Introduction:
Describe what is liberalization.
Body:
The answer body must have the following aspects covered: Explain what you understand by liberalization, the major goals of economic liberalization and the importance of Liberalization.
Then discuss that the economic liberalization in India refers to the changes and reforms, initiated in 1991, of the country’s economic policies, with the goal of making the economy more market- and service-oriented, and expanding the role of private and foreign investment.
Explain its effect on international business environment.
Conclusion:
Conclude with way forward and reassert the significance of it.
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