Globalisation And The Indian Economy | Revision Notes | CBSE | Class 10 | Economics
- Multinational Corporations : It is a company that owns or controls production in more than one nation.
- Skill development : Skill development menas to educate and provide specialised training to the labour force in order to increase their productivity.
- Globalisation : The globalisation means unification or integration of the domestic economy with the world economy by interaction and interdependence.
- Liberalisation : Liberalisation means reducing government interference in economic activities and encouraging privatisation.
- Privatisation : Privatisation means encouraging private sector and discouraging public sector.
- World Trade Organisation : World Trade Organisation has emerged as an important international organisation which has encouraged economic liberalisation in the world.
- Brain Drain : The migration of skilled people to other nations in search of better opportunities and employment is known as brain drain.
- Import Quotas : Restriction on the amount of commodities to be imported is referred to as import quotas.
- Multilateral Agreements : These are the agreements formulated by a group of countries.
- Investment : The money that is spent to buy assets such as land, building, machines and other equipment is called investment.
- Foreign Investment : Investment made by MNCs is called foreign investment.
- Liberalisation of Trade : Removing barriers or restrictions set by the government is called liberalisation of trade.
- Integration of Markets : Foreign trade plays a vital role in integration of markets in different countries.
- Factors that Have Enabled Globalisation : Rapid improvement in technology has been one of the main factors which has stimulated the process of globalisation.
- Special Economics Zones (SEZs) : SEZs industries are those industries which have world class facilities : electricity, water, roads, transport, storage, recreational and educational facilities. Companies who set up production units in the SEZs do not have to pay taxes for an intial period of five years.
