Liberalisation, privatisation and globalisation Flashcards
Reforms were introduced during _______
1991
RBI regulates __________ sector
financial
WTO was founded in _______
1995
Taxes on incomes of individuals is called
income tax
give the meaning of industrial licensing
industrial licensing refers to, the process of mandatory permission to be sought by businesses. These licenses are pre-requisite for starting, closing or to are any new product
Mention the four objectives of trade policies
- dismantling of quantitative restrictions on imports and exports
- reduction of tariff rates
- removal of licensing procedures for imports
- export restrictions have been liberalized
What is fiscal policy
Annual budget of the government. It includes projectile revenues, expenditure and deficit financing for the ensuing year.
What are the services of out sourcing
the service of outsourcing is based services (BPOs). record-keeping, accounts, banking service, clinical service, teaching service
What do you mean by disinvestment?
Disinvestment refers to the process of transferring ownership from the public sector to private people through the sale of equity of public enterprises to the private sector.
give examples of direct and indirect tax
direct tax- income tax, property tax, corporation tax
indirect tax- goods and services tax
IBRD is popularly known as
world bank
The Government’s Taxation and Expenditure policies collectively known as
fiscal policy
Goods and Service Tax came into effect from
1 July 2017
Goods and Services Tax is,
indirect tax
GATT was established in the year
1948
World Trade Organisation (WTO) was founded as the successor organization to
GATT
What is Liberalisation?
Liberalisation refers to removal of restrictions and opening up of various sectors of the
economy by giving freedom to invest.
Give the meaning of Privatisation?
Privatisation refers to transferring of the ownership or management of a government owned
enterprise to private entrepreneurs
What is Globalisation?
Globalisation refers to integration of the economy of the country with the world
economy.
Expand IBRD.
international bank for reconstruction and development
Expand GATT.
general agreement on tariff and trade
Give the meaning of Direct tax.
Direct Tax is the tax where the tax burden cannot be transferred to another person.
Example: Income tax
What do you mean by Out Sourcing?
Out Sourcing is the process where a company hires regular service from external
sources, mainly from other countries, which was previously provided internally or from
within the country.
What do you mean by disinvestment?
Disinvestment refers to the process of selling off or liquidating an asset or
subsidiary by an organization or government.
In 1991, India met with an economic crisis relating to its external ___________________
balance of payments
After _____________ of rupee there was increase in inflow of foreign exchange.
devaluation
