Globalisation and the Indian Economy Test - 15

1:Globalisation is a worldwide movement towards economic, financial, trade, and communications integration.
2:Globalisation implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers. 

1:In order to increase their profitability many giant firms find it necessary to go in for horizontal and vertical integration.
2:For this purpose they find it profitable to set up their production or distribution units outside their home country.
3:The firms that sell abroad the products produced in the home country or the products produced abroad to sell in the home country must decide how to manage and control their assets in other countries.

1:The consumer movement is an effort to promote consumer protection through an organised social movement. 

Since 1991, Government of India has introduced diverse economic reforms to pull the country out of economic crisis and to accelerate the ratio of growth. These reforms are often described as the New Economic Policy or the policy of LPG.
These reforms hinge upon:

Liberalization is a relaxation of government restrictions, usually in such areas of social, political and economic policy.
This may be similar to deregulation Liberalization of autocratic regimes may precede democratization (or not, as in the case of the Prague Spring). Economic liberalization is often associated with privatization, which is the process of transferring ownership or outsourcing of a business, enterprise, agency, public service or public property from the public sector to the private sector.

The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization.

These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007).

 

Under the WTO agreements, countries cannot normally discriminate between their trading partners. Grant someone a special favour (such as a lower customs duty rate for one of their products) and you have to do the same for all other WTO members.

India imports 35% of its petroleum requirements from foreign. Petroleum comes from Iran, Kuwait, Iraq and Saudi Arabia. 

1:In 1985 United Nations adopted the UN Guidelines for Consumer Protection.
2:This was a tool for nations to adopt measures to protect consumers and for consumer advocacy groups to press their governments to do so. 
At the international level, this has become the foundation for consumer movement.