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Liberalization, Privatization,
Globalization
General Economics
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Reasons for implementing LPG
Excess of consumption andexpenditure over revenue resultingin heavy government borrowings.
Growing inefficiency in the use ofresources.
Over protection to industry Mismanagement of firms and the
economy Mounting losses of public sector
enterprises
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Reasons for implementing LPG
Various distortions like poortechnological development shortage offoreign exchanges; and imprudent
borrowings from abroad andmismanagement of foreign exchangereserves.
Low foreign exchange reserves.
Burden of national debt.
Inflation.
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Liberalization
Liberalization refers to relaxation ofprevious government restrictionsusually in areas of social and
economic policies. Thus, whengovernment liberalizes trade itmeans it has removed the tariff,
subsidies and other restrictions onthe flow of goods and servicesbetween countries.
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Privatisation
It refers to the transfer of assets orservice functions from public toprivate ownership or control and the
opening of the hitherto closed areasto private sector entry. Privatisationcan be achieved in many ways-
franchising, leasing, contracting anddivesture.
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Conditions for privatisaton
Liberalisation and de-regulation ofthe economy is an essential pre-
requisite if privatisation is to takeoff and help realize higherproductivity and profits.
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Conditions for privatisaton
Capital markets should besufficiently developed to be able to
absorb the disinvested publicsector shares.
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Arguments in favour of privatisation
Privatisation will help reducing theburden on exchequer.
It will help the profit making public
sector units to modernize and diversifytheir business.
It will help in making public sector
units more competitive.
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Arguments in favour of privatisation
It will help in improving the qualityof decision-making of managersbecause their decisions will bemade without any politicalinterference.
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Arguments in favour of privatisation
Privatisation may help in reviving sickunits which have become a liability onthe public sector.
Without government financial backing,capital market and internationalmarket will force public sector to beefficient
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Arguments against privatisation
Privatisation will encourage growthmonopoly power in the hands of big
business house. It will result in greaterdisparities in income and wealth.
Private enterprise may not show any
interest in buying shares of loss-making and sick enterprises.
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Arguments against privatisation
Privatisation may result in lop-sideddevelopment of industries in the country.
The limited resources of the privateindividuals cannot meet some of the vitaltasks which alter the very character of theeconomy.
The private sector may not uphold theprinciples of social justice and publicwelfare.
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Privatization
Privatization offers bothopportunities and threats to the
economy. We have to privatize insuch a manner that we make themaximum opportunities while at
the same time minimizing thethreats to the economy.
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Disinvestment
Disinvestment means disposal ofpublic sectors unit's equity in themarket or in other words selling of
a public investment to a privateentrepreneur. It means selling ofgovernment share in one PSU to
other PSUs or private sector orbanks.
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Disinvestment
In India, disinvestment hasprogressed slowly. It has been
carried out in a hasty, unplannedand hesitant manner. As a result,the progress has been quite poor.
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Privatization and Disinvestment in India
Privatization in India generally is inthe form of disinvestment of equity.In general, here privatisation has not
led to 100% transfer of control frompublic sector to private sector unit.Only in exceptional cases, 100%
privatization has taken place (e.g.Centaur Hotel).
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Example of Privatization in India
Lagan jute machinery companylimited (LJMC).
Modern food industries limited
(MFIL) Bharat aluminium company limited
(BALCO)
Hotel Corporation of India limited(HCI)
Hindustan Zinc limited (HZL)
Paradeep Phosphates Limited (PPL)
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Methods of Disinvestment
Initially, equity was offered to retailinvestors through domestic public
issues. This was followed byissuance of the Global DepositoryReceipts (GDRs) to tap the
overseas markets.
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Methods of Disinvestment
Other methods includes cross-holding(the government simply selling part ofits shares in one PSU to other PSUs),
warehousing (governments ownfinancial institutions buyinggovernments stake in select PSUs andholding them until and third buyer
emerged) and retaining golden share(retaining governments stake up to26% in the PSU to protect its interest).
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Methods of Disinvestment
Of late, the government waspursuing the strategic sale
method. Under this method, thegovernment sells a major portionof its stake to a strategic buyer and
also gives over the managementcontrol.
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Methods of Disinvestment
Under strategic sales method,disinvestment price would bemarket based and not prefixed,
PSUs shares sale would be underthe department of Disinvestmentand disinvestment would be
delinked from the union budgetexercise.
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Methods of Disinvestment
Presently the government has decided tocall off the disinvestment of stake throughstrategic sale in 13 profit-making centralpublic sector enterprises. It is consideringthe public offer route to sell minoritystakes in these enterprises. Of late (in2005-06), it has resorted to Differential
Pricing Method and sold the shares ofPSUs to public sector financial institutionand banks.
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Globalisation
Globalisation means integratingthe domestic economy with theworld economy. It is a process
which draws countries out of theirinsulation and makes them joinrest of the world in its march
towards a new world economicorder.
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Globalisation
It involves increasing interactionamong national economic system,more integrated financial markets,economies of trade, higher factormobility, free flow of technologyand spread of knowledgethroughout the world.
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Cases for Globalisation
It is argues that Globalisation of underdeveloped countries will improve theallocative efficiency of resource, reducethe capital output ratio and increaselabour productivity, help to develop theexport spheres and export culture,increase the inflow of capital, updated
technology that gives a boost to theaverage growth rate of the economy.
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Cases for Globalisation
It will help to restructure theproduction and trade pattern in acapital scarce, labour abundant
economy in favour of labour-intensive goods and techniques.
Foreign capital will be attracted and
with its entry, updated technologywill also enter the country.
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Cases for Globalisation
With the entry of foreign competition andthe removal of import tariff barriers,domestic industry will be subject to priceand quality improving effects in the
domestic economy.
It is also believed that the efficiency of
banking and financial sectors willimprove, as there wil l be competit ion fromforeign capital and foreign banks.
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Cases for Globalisation
It is believed that the main effects ofintegration will be felt in theindustrial and related sectors. At
result cheaper and high qualityconsumer goods will bemanufactured at home. Besides,
employment opportunities wouldalso go up.
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Cases against Globalisation
The globalisation process is in essence atremendous redistribution of economicpower at the world level which willincreasingly translate into a redistributionof political power.
One study reveals that in the globalisingworld the economics of the world are
ironically moving away from one anothermore than coming together.
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Cases against Globalisation
With the lightening speed at whichglobalisation is taking place, it isincreasing the pressure on economiesfor structural and conceptual
readjustments to a breaking point. It is becoming hard for the countries to
ask their public to go through the pains
and uncertainties of structuraladjustment of the sake of benefits yet tocome.
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Cases against Globalisation
Globalisation is helping more the
developed economies than the developingeconomies.. Like India, it is argued that itis true that letting in Cokes and Pepsis
have led to opening doors for INTEL, butthe sum total of their investment has beenvery less in relation to their investmentabroad. None of the multinationals has set
up manufacturing plants in India orsigned any technology transfer agreementwith any Indian company.
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Measures towards Globalisation
Convertibility of Rupee: To make thecurrency fully convertible i.e., allow it todetermine its own exchange rate in theinternational market without any official
intervention.
Import Liberalisation: As per therecommendation of the World Bank, free
trade of all items except negative list ofimports and exports has been allowed.
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Measures towards Globalisation
Opening the economy to foreigncapital: The government has taken anumber of measures to encourage
foreign capital in India. Manyfacilities and incentives have beenoffered to the foreign investors and
non-resident Indians in the neweconomic policy.
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Effects of Globalisation of Indian economy
Indias share in the world exportwhich had fallen 0.53% in 1991
from 1.78% per cent in 1950, hasreversed trends and has improvedto 1% in 2005.
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Effects of Globalisation of Indian economy
Our foreign currency reserveswhich had fallen to barely one
billion U.S. dollars in June, 1991rose substantially to about 180bill ion U.S dollars in March 2007.
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Effects of Globalisation of Indian economy
Exporters are responding well tosweeping reforms in exchange rateand trade policies. The average
growth of export has been more than20% per annum since 2002-03.
Exports now finance nearly 65% of
imports, compared to only 60% in thelatter half of the eighties.
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Effects of Globalisation of Indian economy
The current account deficit was over3% of GDP in 1990-91. In 2004-05 and2005-06, we again had current accountdeficit of (-) 0.4 and (-) 1.1 per cent
respectively. Our external debt crises reduced from
$8 billion to $3 billion from 1990-91 to
1996-2006 respectively. Markets have started responding to
the movements abroad
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Effects of Globalisation of Indian economy
International confidence in India has beenrestored.
Consumer are benefited through largevariety of consumer goods, improved
quality of goods and in some cases andreduced price of consumer durable.
Programmes of quality management and
research and development aresystematically conducted by corporatesector.
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Main organization for facilitating globalisation
There are many internationalorganisation which have facilitated theprocess of globalisation. We shall study
three main organisations here. Theseare
International Monetary Fund (IMF)
World Bank World Trade Organisation (WTO)
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International Monetary Fund
IMF was organized in 1946 andcommenced its operation in March
1947. The main objectives:
The elimination or reduction of
existing exchange control
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International Monetary Fund
The establishment and maintenanceof currency convertibility with stableexchange rate
The widest extension of multilateraltrade and payments.
The solving of short-term balance of
payment problems faced by itsmember nations
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Function of IMF
It functions as a short-term creditinstitution
It provides machinery for the orderly
adjustment of exchange rates. It is a reservoir of the currencies of
all the members nation who can
borrow the currency of other nations.
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Function of IMF
It provides machinery forinternational consultations.
It monitors economic and financialdevelopment of its members andprovides policy advice aimed at
crisis preventions.
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The World Bank The international Bank for Reconstruction
and Development (IBRD) more popularlyknown as the world bank was formed as apart of the deliberations at Bretton woods
in 1945. The World Bank was floated inorder to give loan to members countries,initially for the reconstruction of their(world) war-ravaged economies, and laterfor the development of the economies ofthe poorer member countries.
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Objectives of World Bank
Investing in the people, particularly
through basic health and education. Focusing on social development.
Protecting the environment
Supporting and encouraging privatebusiness development.
Promoting reforms to create a stable
macro-economic environment, conduciveto investment and long-term planning.
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Functions of World Bank
To help its members countries in the
reconstruction and developmental of theirterritories by facilitating the investment ofcapital for productive purposes.
To encourage private foreign investment andcredit by providing guarantee of repayment ofthe private investors.
To promote the long-term balanced growth of
international trade and the maintenance ofequilibrium in balance of payment of itsmember countries.
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The World Trade Organisation
The WTO came in to existence on 1stJanuary,1995. The WTO is a powerfulbody which broadly aims at making
the whole world a big village wherethere is free flow of goods andservices and where there are no
barriers to trade.
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Features of WTO
The WTO is the main organimplementing the Multilateral TradeAgreements.
The WTO is global in itsmembership.
It is the forum for negotiationsamong its member.
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Features of WTO
It is a full-fledged internationalorganisation in its own right
The WTO has legal personality.
The decision-making under WTO iscarried out by consensus.
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Functions of WTO
The WTO shall facilitate theimplementation, administration andoperation of world trade agreements.
The WTO shall provide the forum fortrade negotiations among its
members countries.
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Functions of WTO
The WTO shall handle trade disputes.
The WTO shall monitor national trade
policies.
It shall provide technical assistance
and training to developing countries
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Multiple Choice Question
Question 1 The following are the ways of
privatization:
divestiture
denationalization
Franchising
all the above
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Multiple Choice Question
Question 1 The following are the ways of
privatization:
divestiture
denationalization
Franchising
all the above
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Question 2
Which of the following factors cause manygovernments to undertake programmes ofpublic sector reforms, according to Prof.Samuel Paul?
economic inefficiency in the productionactivities of the public sector ineffectiveness in the provision of goods
and service rapid and in reasonable expansion of the
bureaucracy all the above
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Question 2
Which of the following factors cause manygovernments to undertake programmes ofpublic sector reforms, according to Prof.Samuel Paul?
economic inefficiency in the productionactivities of the public sector ineffectiveness in the provision of goods
and service rapid and in reasonable expansion of the
bureaucracy all the above
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Question 3
Reasons for privatization are
inefficiency indifference andcorruption
indifference and corruption
inefficiency and irresponsibility
inefficiency, indifference,
irresponsibility and corruption
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Question 3
Reasons for privatization are
inefficiency indifference andcorruption
indifference and corruption
inefficiency and irresponsibility
inefficiency, indifference,
irresponsibility and corruption
Q i 4
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Question 4
Globalization means
domestic liberalization
external sector liberalization
both (a) and (b)
none of the above
Q i 4
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Question 4
Globalization means
domestic liberalization
external sector liberalization
both (a) and (b)
none of the above
Q i 5
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Question 5
External sector liberalization means relaxing restriction on international flow
of goods and services
relaxing restriction on production,investment and prices
increasing the roll of market
relaxing restrictions on international flowof goods, services, technology andcapital.
Q i 5
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Question 5
External sector liberalization means
relaxing restriction on international flowof goods and services
relaxing restriction on production,investment and prices
increasing the roll of market
relaxing restrictions on international flow
of goods, services, technology andcapital.
Q i 6
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Question 6
The main causes for economic reforms growing inefficiency in the use of
resources
over production of industry mismanagement of firms and the
economy
all the above
Q i 6
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Question 6
The main causes for economic reforms growing inefficiency in the use of
resources
over production of industry mismanagement of firms and the
economy
all the above
Q i 7
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Question 7
Industrial licensing was abolished for allprojects except for
12 industries
14 industries
18 industries
20 industries
Q i 7
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Question 7
Industrial licensing was abolished for allprojects except for
12 industries
14 industries
18 industries
20 industries
Q i 8
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Question 8
How many industries are registeredunder the public sector?
5 industries
3 industries
6 industries
9 industries
Q ti 8
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Question 8
How many industries are registeredunder the public sector?
5 industries
3 industries
6 industries
9 industries
Q ti 9
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Question 9
Up to-------------------------- direct foreigninvestment allowed in high priorityindustries
49% 55%
51%
50%
Q ti 9
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Question 9
Up to-------------------------- direct foreigninvestment allowed in high priorityindustries
49% 55%
51%
50%
Q ti 10
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Question 10
How many percent of FDI were allowedin Banking sector?
30%
49%
60%
51%
Q ti 10
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Question 10
How many percent of FDI were allowedin Banking sector?
30%
49% 60%
51%
Q estion 11
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Question 11
The different facets of new economic reform can besummarized as
disinvestment in public sector, delicensing ofprivate industries
reducing agriculture subsidies and reducing taxrates
liberalization, privatization and globalization
containing fiscal deficit and reducing moneysupply
Q estion 11
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Question 11
The different facets of new economic reform can be
summarized as
disinvestment in public sector, delicensing ofprivate industries
reducing agriculture subsidies and reducing taxrates
liberalization, privatization and globalization
containing fiscal deficit and reducing money
supply
Question 12
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Question 12
New Economic Reform aims at thefollowing objectives
privatization liberalization
Globalization
all the above
Question 12
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Question 12
New Economic Reform aims at thefollowing objectives
privatization liberalization
Globalization
all the above
Question 13
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Question 13
Financial sector reforms mainly relate to
banking sector
insurance sector
both (a) and (b)
transport sector
Question 13
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Question 13
Financial sector reforms mainly relate to
banking sector
insurance sector
both (a) and (b)
transport sector
Question 14
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Question 14
Expand FRA
Foreign ratio agreement
Foreign rate agreement
Forward ration agreement
Forward rate agreement
Question 14
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Question 14
Expand FRA
Foreign ratio agreement
Foreign rate agreement
Forward ration agreement
Forward rate agreement
Question 15
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Question 15
The rupee was devalued twice in -----------------
June 1991
August 1991 September 1991
July 1991
Question 15
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Question 15
The rupee was devalued twice in -----------------
June 1991
August 1991 September 1991
July 1991
Question 16
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Question 16
Foreign Exchange Regulation Act waspassed in the year
1973
1971 1972
1974
Question 16
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83/94
General
Economics:Liberalization,Privatization,Globa
lization 83
Question 16
Foreign Exchange Regulation Act waspassed in the year
1973
1971 1972
1974
Question 17
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8/11/2019 Liberalization Privatization Globalization1
84/94
General
Economics:Liberalization,Privatization,Globa
lization 84
Question 17
Expand QR
Quantitative Restrictions
Quota Restriction
Both (a) and (b)
None of the above
Question 17
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8/11/2019 Liberalization Privatization Globalization1
85/94
General
Economics:Liberalization,Privatization,Globa
lization 85
Question 17
Expand QR
Quantitative Restrictions
Quota Restriction
Both (a) and (b)
None of the above
Question 18
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8/11/2019 Liberalization Privatization Globalization1
86/94
General
Economics:Liberalization,Privatization,Globa
lization 86
Question 18
The QR were removed on ------------------
720 items
730 items
710 items
714 items
Question 18
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8/11/2019 Liberalization Privatization Globalization1
87/94
General
Economics:Liberalization,Privatization,Globa
lization 87
Question 18
The QR were removed on ------------------
720 items
730 items
710 items
714 items
Question 19
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8/11/2019 Liberalization Privatization Globalization1
88/94
General
Economics:Liberalization,Privatization,Globa
lization 88
Question 19
Expand SDR
Securities drawing rights
Special draw rights
Special drawing rights
None of the above
Question 19
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8/11/2019 Liberalization Privatization Globalization1
89/94
General
Economics:Liberalization,Privatization,Globa
lization 89
Question 19
Expand SDR
Securities drawing rights
Special draw rights
Special drawing rights
None of the above
Question 20
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8/11/2019 Liberalization Privatization Globalization1
90/94
General
Economics:Liberalization,Privatization,Globa
lization 90
Question 20
Disinvestment means disposal of public sectors units
equity in the market
relaxation of previous governmentsocial and economic policies
transfer of assets
none of the above
Question 20
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8/11/2019 Liberalization Privatization Globalization1
91/94
General
Economics:Liberalization,Privatization,Globa
lization 91
Question 20
Disinvestment means disposal of public sectors units
equity in the market
relaxation of previous governmentsocial and economic policies
transfer of assets
none of the above
Question 21
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8/11/2019 Liberalization Privatization Globalization1
92/94
General
Economics:Liberalization,Privatization,Globa
lization 92
Question 21
Expand TRIPs Trade related intelligent property
rights
Trade related intellectual propertyrights
Trade related intellectual prosperity
rights All the above
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8/11/2019 Liberalization Privatization Globalization1
93/94
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8/11/2019 Liberalization Privatization Globalization1
94/94
THE END
Liberalization Privatization
Globalization