Barriers to Trade and Globalization in India

The removal led to increased foreign investment, greater competition, and access to newer technologies, boosting economic growth and industrial output.

Globalization is the increasing integration of economies around the world, particularly through trade, financial flows, and the movement of people.

SHGs are small, informal groups of people, typically women, who pool their resources to provide microfinance and support each other. They provide an alternative to formal lenders for poverty stricken individuals.

<p>Secularism, as described in the Indian Constitution, means all religions are given equal respect. The state does not promote any particular religion and all citizens have right to profess any religion as long as that religion and associated practices do not harm others.</p> Signup and view all the answers

<p>Though democracies promote equality, factors like the distribution of resources, variation in skills and opportunities, and market failures may still contribute to large economic disparities.</p> Signup and view all the answers

<p>Democracy is considered superior as it is based on the principles of equality, rights, and the ability of people to choose their government. In theory, this allows people to have dignity and freedom.</p> Signup and view all the answers

<p>A dam project may be considered a developmental goal for an industrialist, as it would provide his factory with a more reliable source of power. But it could be detrimental for farmers displaced by the dam that would cause them to lose their land and livelihoods.</p> Signup and view all the answers

<p>Per capita income is the average income earned per person in a country. It is a useful measure for comparing economic standards, but it doesn't show how income is distributed.</p> Signup and view all the answers

The removal of restrictions on international trade and investment, allowing for greater flow of goods, services, and capital across borders.

The process of increased interconnectedness and interdependence between countries through flows of goods, services, capital, information, and people.

Groups of people, primarily women, who come together to save money and provide small loans to each other to start or expand businesses.

A principle that states the government should not favor any particular religion and should treat all religions equally.

The gap between the rich and poor within a democratic society, often persisting despite democratic principles.

The total income of a country divided by its population. It gives an average income per person in a country.

The sum of money borrowed by an individual or business, along with the interest charged on the loan.

Expanding access to formal financial institutions like banks and regulated lenders, reducing reliance on informal sources.