Points to Remember -Class 10 – Social Science -Economics-Chapter 4 : Globalisation and the Indian Economy

Points to Remember -Class 10 – Social Science -Economics-Chapter 4 : Globalisation and the Indian Economy

Points to Remember:

Struggle for a fair Globalisation

Fair globalisation would create opportunities for all.

The govt. must protect the interests of all the people in the country.

Government can ensure that labour laws are properly implemented and workers get their rights.

Government can negotiate at the WTO for farier rules.

It can also align with other developing countries.

Liberalisation of foreign trade and foreign investment policy.

Starting around 1991, barriers on foreign trade and foreign investments

were removed to a large extent.

It allowed foreign companies to set up factories and offices in India.

Goods could be imported and exported easily.

• Globalisation is a process of international integration arising from the interchange of world views, products, ideas and other aspects of a culture.

• Multinational Corporation (MNC) is an enterprise operating in several countries but Managed from one country or group that derives a quarter of its revenue from operations outside of its home country.

• Liberalization refers to the reduction or elimination of government regulation or restrictions on private business and trade.

• Investment is the purchase of goods (such as machine, house, and other parts etc.) that are not consumed today but are used in the future to create wealth.

• Foreign Trade is basically trade between two different countries of the world. It is also known as international trade.

• World Trade Organization is the only global international organization dealing with the rules of trade between nations. The main aim of this organization is to liberalize the law of trade between the nations.

• Privatization is the transfer of a business, industry, or service from public to private ownership and control.

• Foreign Investment is when a company or individual from one nation invests in assets or ownership stakes of a company based in another nation.

• SEZ is a special economic zone of a country that is subject to unique economic regulations that differs from other areas in the same country. These regulations tend to be conductive to foreign direct investment.