The period upto 1991 is called the Pre-Liberalization era and after that India had to face a major BPC(Balance of Payment Crisis) problem at that time The Prime Minister of India P.V.NARASIMHA RAO removes the major rules interms of import, export and Tax reforms to balance the economic situation of India
Here are the major terms that panic us with the Liberalization
Initiation of Privatization:
After India loses it’s policies about the factory management and the monitoring of movement of the wealth for an organization or for a individual they started to corrupt, they started hide their wealth and because of this the black money started to increase
As because of the less rules, In the name of the
they started to account the money was earned in foreign countries, as like this the economy slows down and the unemployment was starts to increase
Loss of domestic units:
When the liberalization starts the Foreign companies starts to place their foot in India and India became their landmark of making the more amount of jobs for the very less amount as i mentioned earlier these all are foreign companies it’s very to make the thinks that the earning is from foreign and they started to earn more money when rescission period comes they continue to provide the job for their countries Indian becomes unemployed
Impact on agriculture export:
Impact on Agriculture Export
The backbone of India is getting destroyed by the liberalization policies
The agricultural goods which produced in India are taken away in the names of whole marketing and foreign investment
we should need to stop this otherwise we have to face a situation as we have to pay twice to the goods which was produced form our country itself
Indian Economy is passing through a golden phase of economic development, where liberalisation,Privatisation and Globalisation (LPG)is creating both challenges and opportunities for production and export of commodities. Agriculture and allied sectors are identified as potential for export and lucrative sector for earning foreign exchange. The product like, tea, coffee, speices, marine products and other allied products are identified as potential sector for production, employment and exports.It is also observed that the benefits of trade liberalisation has not been percolated to many sectors of the Indian economy, and the policy level still bureaucratic process and other administrative roles plays a significant role in producing and exporting those commodities which help in getting more foreign exchange without affecting food security in India.
Foreign direct investment:
Foreign Direct Investment
FDI is the key for the investers to invade into India and its the key to corrupt the society, so the liberalization makes the country to be corrupted by the politicians, from the side of the Indian economy, loosing the domestic business, makes Indian’s again to be dependent on the foreigner’s
so the liberalization is heavily leading India to face the Unemployment directly as well as indirectly.
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