Match the concepts (List-I) with their respective descriptions (List-II) :
| List-I (Concepts) | List-II (Descriptions) | ||
| (A) | Liberalisation | (I) | Economy based on information and technology |
| (B) | Transnational Corporations | (II) | Mixing of global and local culture |
| (C) | Glocalisation | (III) | Companies producing goods and services in multiple countries |
| (D) | Weightless Economy | (IV) | Opening up of the economy to the global markets |
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → (A) - (IV), (B) - (III), (C) - (II), (D) - (I)
(A) Liberalisation — this matches (IV) Opening up of the economy to the global markets. Liberalisation is the policy of removing government controls on trade and investment, so that the economy is opened to the world market; India adopted it in 1991.
(B) Transnational Corporations — this matches (III) Companies producing goods and services in multiple countries. TNCs are companies that produce goods or market services in more than one country, from small firms with a factory or two abroad to giants such as Coca Cola.
(C) Glocalisation — this matches (II) Mixing of global and local culture. Glocalisation is the mixing of the global with the local, often a strategy of firms: McDonald’s sells only vegetarian and chicken products in India.
(D) Weightless Economy — this matches (I) Economy based on information and technology. The weightless economy is one whose products have their base in information, such as computer software, media and entertainment products and internet-based services.
NCERT (2025-26): “a. The Economic Policy of Liberalisation … Very broadly this process in India is termed as liberalisation. The term liberalisation refers to a range of policy decisions that the Indian state took since 1991 to open up the Indian economy to the world market.…” “b. The transnational corporations … Among the many economic factors driving globalisation, the role of transnational corporations (TNCs) is particularly important. TNCs are companies that produce goods or market services in more than one country. These may be relatively small firms with one or two factories outside the country in which they are based. They could also be gigantic international ones whose operations criss-cross the globe.…” “d. The Weightless Economy or Knowledge Economy … In contrast to previous eras, the global economy is no longer primarily agricultural or industrial in its basis. The weightless economy is one in which products have their base in information, as in the case with computer software, media and entertainment products and internet-based services.…” “Homogenisation Versus Glocalisation of Culture … A central contention is that all cultures will become similar, that is homogeneous. Others argue that there is an increasing tendency towards glocalisation of culture. Glocalisation refers to the mixing of the global with the local. It is not entirely spontaneous. Nor is it entirely delinked from the commercial interests of globalisation.…” |