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"The policy of liberalisation has brought about changes in our society." Elaborate.

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"The policy of liberalisation has brought about changes in our society." This statement is very true though the changes are beneficial in some case and disadvantageous in some other cases Liberalisation refers to a humber of poicies such as privatisation of public sector enterprise, loosening of government regulations, reduction in tariffs and import duties. The result of liberalisation is evident in form of more foreign firms entering in Indian markets. This is followed by economic growth and prosperity. More employment opportunities are generated. The foreign goods are easily available in country at low costs. Though some sectors like software and information technology and agriculture (Like fruit and fish) are benefitted by liberalisation, yet there are some sectors which fail to compete with the global market, such as (automobiles, electronics or oilseeds). This was also followed by loss of employment in many sectors.
Changes brought about due to Liberalisation
Participation in WT.O-free international trading system.
2. Opening up of Indian markets to imports.
3. Exposure to competition from global markets.
4. Withdrawal of State support and protected markets.
5. Entry of M.N.Cs example-Contract farming, consumer goods etc.
6. Reduction in Public Sector and increases in Private Sector.
7. Economic reforms in all major sectors-agriculrure, trade, 1industry, foreign investment etc.
8. Cultural Changes.
9.Integration into global matket-global village.

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