Class 10 Economics Solutions English Medium

NCERT Solutions Class 10 Economics English Medium

Chapter 4. Globalisation and the Indian Economy

Topic: Production Across Countries, Liberalisation and the World Trade Organization

Chapter 4. Globalisation and the Indian Economy

Foreign investment, production across countries, and international trade have become major features of the modern global economy. Governments also play an important role by making policies that encourage or restrict trade. In India, economic reforms introduced in 1991 promoted liberalisation and increased participation in the global market.

Part 2 – Production Across Countries, Liberalisation and the World Trade Organization (WTO)

This section explains how production is organised globally, the policy of liberalisation, trade barriers, and the role of the World Trade Organization (WTO).

Production Across Countries

Today, the production of goods is often spread across different countries to reduce costs and improve efficiency.

• MNCs divide production into different stages.
• Each country performs the activity in which it has an advantage.
• Raw materials, components, and finished products move across countries.
• Modern transport and communication make global production easier.
• This creates strong economic links between countries.

Foreign Investment

Foreign investment refers to the investment made by companies or individuals of one country in another country.

• MNCs establish factories and production units.
• It brings advanced technology and modern management.
• It increases industrial production.
• It creates employment opportunities.
• It promotes economic growth.

Liberalisation

Liberalisation means removing unnecessary government restrictions on foreign trade and investment.

• India introduced Liberalisation in 1991.
• Trade restrictions were reduced.
• Foreign companies were encouraged to invest in India.
• Competition among businesses increased.
• Consumers received a greater variety of products.

Trade Barriers

Trade barriers are restrictions imposed by governments on imports and exports.

• Import duties increase the price of imported goods.
• Trade barriers protect domestic industries.
• They reduce foreign competition.
• Excessive trade barriers may limit international trade.
• Liberalisation reduced many trade barriers in India.

World Trade Organization (WTO)

The World Trade Organization is an international organisation that promotes free and fair trade among countries.

• It was established in 1995.
• It encourages international trade.
• It helps resolve trade disputes between member countries.
• It aims to reduce unnecessary trade restrictions.
• Most countries of the world are members of the WTO.

Role of the WTO

The WTO works to improve global trade and ensure that international trade rules are followed.

• Promotes free trade among member countries.
• Encourages fair competition.
• Frames international trade rules.
• Provides a platform for resolving trade disputes.
• Supports the expansion of global markets.

Impact of Liberalisation

Liberalisation has brought significant changes to the Indian economy.

• Foreign investment increased.
• Competition improved product quality.
• Consumers received more choices.
• Exports and imports expanded.
• Indian industries became more competitive.

CBSE Exam Points

• Production is now organised across different countries.
• Foreign investment increases industrial growth and employment.
• Liberalisation began in India in 1991.
• Trade barriers include import duties and other restrictions.
• The WTO promotes free and fair international trade.

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