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Question
Explain the following statement with reason.
India embraced liberalization.
Solution
India embraced liberalization.
Because
- India's economic situation was under stress and faced a serious balance of payments challenges. The government felt that reforms, especially those related to investment, trade, and private-sector development were absolutely necessary.
- That's why, After becoming a member of WTO, India put a thrust on economic progress.
- In this aspect, the contribution of the then Prime Minister of India, Narsimha Rao, and Finance Minister Manmohan Singh is very important. Prime Ministers Atal Bihari Vajpayee and Manmohan Singh took ahead the policy of liberlisation.
- The report published by WTO in 2006 has made a special mention of increasing economic growth rate of India. Growth in investments, fall in the ratio of population below poverty line, fall in infant mortality rate, increasing availability of facilities for literacy, potable water and drainage system in India, are also mentioned in this report.
- By adopting ways like simplifying import rules, modifying laws regarding rights on intellectual property, modifying patent laws, India entered the global economy.
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RELATED QUESTIONS
Choose the correct alternative and rewrite the statement.
A legal agreement was signed in Geneva which is known as ______.
An act similar to ‘Right to Information’ was first applied in ______ in 1776.
India became a member of the World Trade Organisation, Because ______.
Correct the wrong pair in group ‘B’ in the following set.
| ‘A’ group | ‘B’ group |
| I. Arthur Dunkel | Director General of WHO |
| II. Anna Hazare | Skill Development Act |
| III. Bhavana Kant | female fighter pilot |
| IV. PV Narsimha Rao | Former Prime Minister of India |
Complete the statement by selecting the appropriate option from the given reasons.
India accepted the membership of the World Trade Organization. Reason -
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Dunkel proposal
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GATT agreement
Write the detailed answer.
Explain the nature of WTO.
Find the incorrect pair from every set and write the corrected one.
| Group 'A' | Group 'B' |
| (i) Indian Council for Agricultural Research | To support research institutes of agricultural science |
| (ii) Fazal Ali Commission | Commission for pollution control |
| (iii) World Trade Organization | Opening the world for free trade |
| (iv) Indian Science Congress Association | Promoting scientific environment in India |
Write the 'WTO' in terms of globalization.
