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Liberalisation, Privatisation and Globalisation: An Appraisal

Madhya Pradesh Board · Class 11 · Economics

Quick revision notes for Liberalisation, Privatisation and Globalisation: An Appraisal — Madhya Pradesh Board Class 11 Economics. Key concepts, formulas, and definitions for last-minute revision.

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Key Topics to Revise

1

Background of Economic Crisis (1991)

  • India faced a severe balance of payments crisis in 1991 due to inefficient economic management in the 1980s
  • Foreign exchange reserves dropped to levels sufficient for only two weeks of imports
  • Government expenditure consistently exceeded revenue, leading to unsustainable borrowing
2

New Economic Policy (NEP) 1991

  • NEP consisted of two types of measures: Stabilisation and Structural Reform
  • Stabilisation measures: Short-term steps to control balance of payments and inflation
  • Structural reforms: Long-term measures to improve efficiency and international competitiveness
3

Liberalisation

  • Industrial Sector Deregulation: Abolished industrial licensing for most industries except alcohol, cigarettes, hazardous chemicals, explosives, electronics, aerospace, drugs and pharmaceuticals
  • Only atomic energy and core railway activities reserved for public sector
  • Financial Sector Reforms: Reduced RBI's role from regulator to facilitator, allowed private and foreign banks
4

Privatisation

  • Two methods: Withdrawal of government ownership/management OR outright sale of PSEs
  • Disinvestment: Selling part of equity of PSEs to public
  • Purpose: Improve financial discipline, facilitate modernisation, utilise private capital and management

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Full Notes

Key Concepts

India faced a severe balanceA comprehensive economic reform package consistingThe process of removing government restrictionsThe transfer of ownership or managementThe integration of India's economy

Frequently Asked Questions

What are the important topics in Liberalisation, Privatisation and Globalisation: An Appraisal for Madhya Pradesh Board Class 11 Economics?
Liberalisation, Privatisation and Globalisation: An Appraisal covers several key topics that are frequently asked in Madhya Pradesh Board Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Liberalisation, Privatisation and Globalisation: An Appraisal — Madhya Pradesh Board Class 11 Economics?
Start by understanding all key concepts. Practise previous year questions from this chapter. Revise formulas and definitions regularly. Use flashcards for quick revision before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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