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.

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