1. LPG

2. 9Advantages of liberalizationIndustrial licensingIncrease the foreign investment.Increase the foreign exchange reserve.Increase in consumption and Control over price.Check on corruption.Reduction in dependence on external commercialborrowings 3. 12 Advantages of PrivatizationPrivatization helps to reduce the burden on Govt.It will help profit making public sector unit to modernize anddiversify their business.It will help in making public sector unit more competitive.It will help to improving the quality of decision making,because the decisions are free from any political interference.Privatization may help in reviving sick units which are theliability of the public sector.It Encourage the new innovations without any restrictions.Industrial growth.Increase the foreign investment.Increase in efficiency. 4. 13Examples of privatization inIndiaLagan Jute Machinery Company Limited(LJMC)Videsh Sanchar Nigam Limited (VSNL)Hindustan Zinc Limited (HZL)Hotel Corporation Limited of India (HCL)Bharat Aluminum Company limited(BALCO) 5. 15Features of GlobalizationOpening and planning to expand business throughout the world.Erasing the difference between domestic market and foreign market.Buying and selling goods and services from/to any countries in the world.Locating the production and other physical facilities on a consideration ofthe global business dynamics ,irrespective of national consideration.Basing product development and production planning on the globalmarket consideration.Global sourcing of factor of production i.e. raw-material,components,machinery,technology,finance etc. are obtained from the bestsource anywhere in the world.Global orientation of organizational structure .and management culture 6. Structural adjustment programmeStructural adjustments are the policies implemented by the International Mon Conditionalities are implemented to ensure that the money lent will be spent. 7. 18