SUPERNOVA_21
SIDDHANT JAIN JAISWAL
L.P.G
The term LPG is being used a lot in the corporate world. Although ,there is nothing new about these terms, yet these terms have gained prominence in the 20th century in many parts of the world. In India , the terms LPG gained significance with the adoption of New Industrial Policy,1991.
LIBERISATION indicates freedom to business enterprises from government control. These are less licensing and other formalities for business firms to follow on account of the New Industrial Policy , and subsequent economic policies of the government. For instance . the new industrial policy ,1991 has abolished licensing for industries except six industries i.e alcohol , cigarettes , industrial explosives, defence, hazardous chemicals, drugs & pharmaceuticals.
PRIVATISATION implies reduction in the role of the public sector due to dereservation of public sector. The new industrial policy,1991 has dereserved the industries of public sector. The number of industries reserved for public sector came down from 17 to 8 in 1991. Now there are only three industries reserved for public sector- railways, atomic energy and specified minerals.
GLOBALISATION implies integration of the national economy with that of the world economy. Globalisation aims at expanding business from domestic/local level to global level. The purpose of globalisation is to exploit global opportunities for local growth.
The term LPG is being used a lot in the corporate world. Although ,there is nothing new about these terms, yet these terms have gained prominence in the 20th century in many parts of the world. In India , the terms LPG gained significance with the adoption of New Industrial Policy,1991.
LIBERISATION indicates freedom to business enterprises from government control. These are less licensing and other formalities for business firms to follow on account of the New Industrial Policy , and subsequent economic policies of the government. For instance . the new industrial policy ,1991 has abolished licensing for industries except six industries i.e alcohol , cigarettes , industrial explosives, defence, hazardous chemicals, drugs & pharmaceuticals.
PRIVATISATION implies reduction in the role of the public sector due to dereservation of public sector. The new industrial policy,1991 has dereserved the industries of public sector. The number of industries reserved for public sector came down from 17 to 8 in 1991. Now there are only three industries reserved for public sector- railways, atomic energy and specified minerals.
GLOBALISATION implies integration of the national economy with that of the world economy. Globalisation aims at expanding business from domestic/local level to global level. The purpose of globalisation is to exploit global opportunities for local growth.