Liberalization, Privatization,

Globalization

Submitted by – Kavita Tiwari

Section- G3702
Registration no. 11718583
Course code- PBA396
INTRODUCTION
 LIBERIZATION is defined as making economics
free to enter the market and establish their
venture in the country.
 PRIVATIZATION is defined as when the control
of economic is shifted from public to a private
hand.
 GLOBAIZATION is defined as the process by
which regional economies, societies, and cultures
have become integrated through a global network
of communication, transportation and trade.
 LPG Model in India
 After Independence in 1947 Indian government faced a
significant problem to develope the country. The
Growth Economics Conditions of India at that time
were not very good. This was because it didn't have
proper resources for the development, not regarding
natural resources but financial and industrial
development. At that time India needed the path of
economic planning and for that used “Five Year Plan”
which was taken from Russia and feet that it will
provide a fast development like that of Russia.
 LIBERALIZATION
 Soon after independence , the period was known as
License Raj. As a result of the restriction in the past,
India’s performance in the global market has been
very dismal; it never reached even the 1% in the
worldwide market.
 India has vast natural resources with high efficiency
labor, but after all this, it was still contributing with
0.53% till 1992.
 PRIVATIZATION
 India is leading towards privatization from
government raj. As a result, it led to the
development of country 500 faster than previous.
Now India is in the situation of world’s fastest
economy and may be chance that India will be at
the top till 2050.
 GLOBALIZATION
 The term is sometimes used to refer specially to
economic globalization; the integration of
national economy through trade, foreign direct
investment, capital flows, migration, and the
spread of technology. However, globalization is
usually recognized as being driven by a
combination of economic, technological,
sociocultural, political, and biological factors.
 THANK YOU