Target Exam

CUET

Subject

Economics

Chapter

Indian Economic Development: Liberalisation, Privatisation and Globalisation - An Appraisal

Question:

What was the aim of " Globalisation " policies in the year 1991, when India encountered a huge economic crisis?

Options:

Transforming world towards greater interdependence and integration

Protecting the domestic industries from MNC's

Increasing efficiency in the public sector enterprise

Both 1 and 3

Correct Answer:

Transforming world towards greater interdependence and integration

Explanation:

The correct answer is option1: Transforming world towards greater interdependence and integration

Although globalisation is generally understood to mean integration of the economy of the country with the world economy, it is a complex phenomenon. It is an outcome of the set of various policies that are aimed at transforming the world towards greater interdependence and integration. It involves creation of networks and activities transcending economic, social and geographical boundaries.