Summary

Summary

1. Globalisation refers to the integration of the domestic economy with the economies of the world.

2. An MNC is a company that owns and controls production in more than one nation.

3. SEZs or Special Economic Zones are industrial zones being set up by the Central and State Governments in different parts of the country.

4. Liberalization means the removal of barriers and restrictions set by the government on foreign trade.

5. World Trade Organization (WTO) was started at the initiative of the developed countries. Its main objective is to liberalize international trade.

6. Privatization means transfer of ownership of property from public sector to private sector.

7. Business Process Outsourcing (BPO) is the contracting of non primary business activities and functions to a third party service provider.

8. Economic Reforms or New Economic Policy is policy adopted by the Government of India since July 1991. Its key features are Liberalization, Privatisation and Globalisation (LPG).