Choose whether the statement is true/false:

Liberalisation refers to the integration of a country’s economy with the world economy.

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True

False

answer is B.

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Detailed Solution

The above statement is false.
It is globalisation and not Liberalisation that refers to the integration of a country’s economy with the world economy. Liberalisation refers to the removal of trade barriers in an economy. Liberalisation and globalisation were introduced in India as part of India’s 1991 reforms, where the country had emergency reserves only to meet imports for two weeks. The intervention of the IMF inspired the country to adopt reforms in the economy. The government has benefited a lot from globalisation and Liberalisation with the introduction of modern technology, raising the standard of production, better skilling of the workforce, and so on. Hence the statement would be, Liberalisation does not refer to the integration of a country’s economy with the world economy.

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