Identify and explain the concepts from the given illustrations :
1) Vehicles manufactured by various automobile
companies are now available in India.
A. Identified concept: Trade liberalisation.
B. Explanation of concept: Trade liberalisation is a practice in which import licensing controls are abolished and import of various goods is made easy.
2) Government equity in some public sector enterprises
is sold to the private sector.
A. Identified concept: Privatisation.
B. Explanation of concept: Privatisation means the transfer of ownership from the public sector to the private sector. In the above illustration, by selling government equity in some public sector enterprises to the private sector, the transfer of ownership is followed.
3) Foreign investments are encouraged on a large
scale in the industrial sector of India.
A. Identified concept: Liberalisation.
B. Explanation of concept: Liberalisation refers to economic freedom or freedom for economic decisions.