Home Preparation for National Talent Search Examination (NTSE)/ Olympiad
Chapter : 4. Globalisation and the Indian Economy
Glossary (Globalisation and the Indian Economy)
1. Globalisation : It means free interaction of an economy with the economies of the rest of the world. 2. Liberalisation : Liberalisation of the economy means to free it from direct or physical controls imposed by the government. 3. Privatisation : It means allowing the private sector to set up industries which were earlier reserved for the public sector. 4. MNC : It is a company that owns or controls production in more than one country. 5. Investment : The money that is spent to buy assets such as land, building, machines and other equipment is called investment. 6. Foreign investment : Investment made by MNCs is called foreign investment. 7. Fair Globalisation : It refers to globalisation which creates opportunities for all and ensures that its benefits are better shared. 8. WTO : It is an organization which is in favour of increasing the world trade through globalization.