Revision Notes for CBSE Class 11 Indian Economic Development Chapter 3 - Free PDF Download
In this particular topic, students will learn how the Indian economy was liberalised and opened for foreign investment. This story of what went before and what went during this process is discussed in detail. Also, how these policies were brought in is discussed. Students looking to understand what the pre-1980 situation was, as well as how that impacted the Indian economy today should get adequate answers from this chapter.
Refer to Vedantu’s Indian economic development chapter 3 notes for a close and illustrative look into the topic. The chapter is both informative as well as engaging.
FAQs on Liberalisation, Privatisation and Globalisation: an Appraisal Class 11 Notes CBSE Economics Chapter 3 [Free PDF Download]
1. What were some of the more significant causes of the Indian economic crisis?
Indian economic crisis created in the 1980s was because of a debt trap in which the government of that day found itself. Excessive spending on welfare reforms was not creating any income for the government. Even the taxation process was unable to generate funds for use. Also, the government tried spending a lot on defence and agriculture, but that did not generate much income. Overall all these factors combined resulted in the economic crisis of the 1980s. To gain more knowledge and understand this topic more proficiently utilise notes of chapter 3 economics class 10.
2. What was the need for the economic reforms in the country?
The major need for financial reforms in the country was growing fiscal deficit. The government at that time did not have sufficient money to pay up its bills and was increasing in debt. To add to this, there was a growing rise in prices which was causing problems for the common man. In the end, the government had to appeal to the IMF (International Monetary Fund) for a loan of seven million dollars. In exchange, it decided to liberalise the economy. More details on this topic are discussed in full in notes of chapter 3 economics class 11.
3. What was the objective of liberalisation of the Indian economy?
Prior to the 1980s, the government was facing a tremendous financial crisis. The fiscal deficit was at all time high, so were the prices. In exchange for a seven million dollar loan, the government agreed to carry out the policy of liberalisation which would open up the country to a lot of foreign investment. Therefore the government carried out liberalisation procedures to increase competition in the domestic market, develop technology and increase foreign investment and widen the boundaries of the market. With these objectives in mind, the government set about trying to liberalise the economy and create a lot of foreign direct investment. For a better understanding of the subject, students can refer to microeconomics class 11 chapter 3 notes.
4. What is Liberalisation, Privatisation and Globalisation?
The Indian government has adopted three major measures under the New Economic policy and aided the help of the international banks for the development of the country.
Liberalization - Liberalization is a process where the government lifts some of the restrictions imposed or loosening of the government control on private individual activities.
Privatization - Privatization is a process where the ownership of some public sectors is transferred to private sectors.
Globalization - Globalization is defined as the assimilation between countries through foreign investment and trade by multinational corporations.
5. What is LPG in Economics Class 11?
The word LPG stands for liberalization, privatization, and globalization. These were the three measures taken by the government of India for the New Economic Policy. To maintain this policy, the government of India approached the International banks for the betterment of the economy and the development of the country. To prepare for this chapter for the exam, the students should download the free PDF of revision notes designed by the experts at Vedantu in a simple and understanding manner.
6. What is liberalization in Economics Class 11?
Liberalization in the economy refers to the lessening of government rules or relaxations of some government regulations for the greater participation of government sectors that benefit the growth and development of the country’s economy. Vedantu offers the best revision notes for the students to assist them in the exam preparation process. Download the PDF of Chapter 3 revision notes available at Vedantu to learn more about liberalization and ace the Class 11 Economics exam.
7. What are the main features of economic reforms Class 12?
There are seven main features of economic reforms. They are:
New public sector policy
When it comes to preparing for this chapter, students are advised to make notes of important points and topics which will later help them. The easiest and best source that provides revision notes is the Vedantu website. These revision notes are prepared by the experts to make the learning process easy for the students.
8. How to download the revision notes for Economics Class 11?
Economics being the theoretical and mark scoring subject, it needs more attention to excel in the exams. To remember the concepts and theories well, one needs to have proper revision notes and methods. Vedantu, with the help of the professionals, carefully designed the revision notes to make the learning process more interesting and understanding. With the help of these notes, students can save time and prepare well for the exam. To make use of the revision notes, visit the Vedantu website or the app and download the PDF available for free of cost.