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Discuss the effects of Liberalization on various aspects of Indian economy and Society.

Topic:  Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth

5. Discuss the effects of Liberalization on various aspects of Indian economy and Society. (250 words)

Reference:   Indian economy by Dutta and Sundaram

Why this question:

The question is again from the static portions of GS paper III.

Key demand of the question:

The question aims to discuss the effects of Liberalization on various aspects of Indian economy and Society. 

Directive:

Discuss – This is an all-encompassing directive – you have to debate on paper by going through the details of the issues concerned by examining each one of them. You have to give reasons for both for and against arguments.

Structure of the answer:

Introduction:

Briefly explain the coming of liberalisation and its application to Indian economy.

Body:

To start with, explain the impact of liberalisation on Indian economy in general. Explain that we have seen landmark shift in Indian Economy since the adoption of new economic policy in 1991. This had far reaching impacts on all spheres of life in India. There can be no concrete conclusions about their impact on Indian people. Economic liberalization is the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities; the doctrine is associated with classical liberalism. Thus, liberalization in short is “the removal of controls” in order to encourage economic development. Discuss its impact on various sectors of economy – agriculture, industry, health, education, IT etc. Explain how it impacted the fabric of Indian society; highlight both positives and negatives.

Conclusion:

Conclude with significance.