Liberalisation, privatisation and globalisation

Question 1

Reforms were introduced during _______

Answer 1

1991

Question 2

RBI regulates __________ sector

Answer 2

financial

Question 3

WTO was founded in _______

Answer 3

1995

Question 4

Taxes on incomes of individuals is called

Answer 4

income tax

Question 5

give the meaning of industrial licensing

Answer 5

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

Question 6

Mention the four objectives of trade policies

Answer 6

1. dismantling of quantitative restrictions on imports and exports
2. reduction of tariff rates
3. removal of licensing procedures for imports
4. export restrictions have been liberalized

Question 7

What is fiscal policy

Answer 7

Annual budget of the government. It includes projectile revenues, expenditure and deficit financing for the ensuing year.

Question 8

What are the services of out sourcing

Answer 8

the service of outsourcing is based services (BPOs). record-keeping, accounts, banking service, clinical service, teaching service

Question 9

What do you mean by disinvestment?

Answer 9

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.

Question 10

give examples of direct and indirect tax

Answer 10

direct tax- income tax, property tax, corporation tax

indirect tax- goods and services tax