Explanation
The economic liberalisation in India refers to the ongoing economic liberalisation, initiated in 1991, of the country's economic policies, with the goal of making the economy more market-oriented and expanding the role of private and foreign investment. Specific changes include a reduction in import tariffs, deregulation of markets, reduction of taxes, and greater foreign investment. Liberalisation has been credited by its proponents for the high economic growth recorded by the country in the 1990s and 2000s. Dr Manmohan Singh is the pioneer of liberalisation of Indian economy.
An export is a function of international trade whereby goods produced in one country are shipped to another country for future sale or trade. The sale of such goods adds to the producing nation's gross output. If used for trade, exports are exchanged for other products or services in other countries.
About 1/3rd of the Indian textile industry’s total production is export-oriented and the biggest importer of Indian textile is the USA.
Infosys Limited is an Indian multinational corporation that provides business consulting, information technology and outsourcing services. It is headquartered in Bangalore, Karnataka.
Tata Motors Limited is an Indian multinational automotive manufacturing company headquartered in Mumbai, Maharashtra, India, and a subsidiary of the Tata Group. Its products include passenger cars, trucks, vans, coaches, buses, construction equipment and military vehicles. It is the world's 5th-largest motor vehicle manufacturing company, fourth-largest truck manufacturer, and second-largest bus manufacturer by volume.
Ranbaxy Laboratories Limited is an Indian multinational pharmaceutical company that was incorporated in India in 1961. The company went public in 1973 and Japanese pharmaceutical company Daiichi Sankyo acquired a controlling share in 2008. In 2014, Sun Pharma acquired the entire 63.4% share of Ranbaxy making the conglomerate the world’s fifth largest specialty generic pharma company.
The Indian railways is owned by the government of India.
Investment made by MNCs is called foreign investment. Any investment is made with the hope that these assets will earn profits.
World Trade Organisation (WTO) is one such organisation whose aim is to liberalise international trade. Started at the initiative of the developed countries, WTO establishes rules regarding international trade, and sees that these rules are obeyed. Nearly 160 countries of the world are currently members of the WTO (as on June 2014).
The Agreement reflected the desire of the Member States to promote and sustain mutual trade and economic cooperation within the SAARC region through the exchange of concessions.
India imports 35% of its petroleum requirements from foreign. Petroleum comes from Iran, Kuwait, Iraq and Saudi Arabia. In 2004-05, petroleum worth Rs. 134095 crore were imported.
Multinational Corporations (MNCs) set up their factories or production units close to markets where they can get desired type of skilled or unskilled labour at low costs along with other factors of production. After ensuring these conditions MNCs set up production units in the following ways :
The Coca-Cola Company, which is headquartered in Atlanta, Georgia, is an American multinational beverage corporation, and manufacturer, retailer, and marketer of nonalcoholic beverage concentrates and syrups. The company is best known for its flagship product Coca-Cola, invented in 1886 by pharmacist John Stith Pemberton in Columbus, Georgia.
Honda Motor Co., Ltd. is a Japanese public multinational conglomerate corporation primarily known as a manufacturer of automobiles, aircraft, motorcycles, and power equipment.
Nokia Corporation, stylised as NOKIA, is a Finnish multinational communications and information technology company, founded in 1865. Nokia is headquartered in Espoo, Uusimaa, in the greater Helsinki metropolitan area.
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