The fourth chapter in Economics textbook is 'Globalisation and the Indian Economy'.
This chapter deals with globalisation which includes integration between countries through foreign trade and foreign investments by multinational corporations (MNCs).
MNCs play a major role in the globalisation process.
It also covers the impact of globalisation and the extent to which globalisation contributed to the development process.
Globalisation refers to the integration of the domestic economy with the economies of the world.
An MNC is a company that owns and controls production in more than one nation.
Globalisation refers to the integration of the domestic economy with the economies of the world.
An MNC is a company that owns and controls production in more than one nation.
The topics discussed in this chapter are as follows:
- Production across countries
- Interlinking production across countries
- Foreign trade and integration of markets
- Factors that have enabled globalisation
- World Trade Organization
- Impact of globalization in India
- The struggle for a fair globalization
Students can view and download the chapter from the link given below.
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NCERT Solutions for Chapter 4: Globalisation and the Indian Economy
Also Check
Chapter 1: Development
Chapter 2: Sectors of Indian Economy
Chapter 3: Money and Credit
Chapter 5: Consumer Rights
Check out Frequently Asked Questions (FAQs) for Chapter 4: Globalisation and the Indian Economy
What is investment and foreign investment?
The money that is spent to buy assets such as land, building, machines and other equipment is called investment. Investment made by MNCs is called foreign investment.
In which regions MNCs set up offices and factories for production?
MNCs set up offices and factories in regions with features as mentioned below :
- Close to the market.
- Availability of skilled/unskilled labour at low cost.
- Favourable government policies.
What is the result of greater foreign investment and greater foreign trade?
Greater foreign investment and greater foreign trade leads to greater integration of production and markets across countries.
What is liberalisation?
Removing barriers or restrictions set by the government is known as liberalisation.
What is a trade barrier?
Restrictions on foreign trade are called trade barrier. For example tax on imports is a trade barrier.
