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Economics · 2026 · 3 marks
Liberalisation, Privatisation and Globalisation: An AppraisalGlobalisation3 marksAnalyseshort answer
CBSE 2026 · Region 3 · Set 1 · Q28
(a) Describe the role which India has played as an important member of World Trade Organisation (WTO).
(a)
Describe the role which India has played as an important member of World Trade Organisation (WTO).
OR
(b)
Critically appraise the Industrial Licensing policy initiated by the government during the planning period of India.
Marking-scheme solution
As a member of the World Trade Organization (WTO), India has been at the forefront of framing fair global rules and regulations advocating the interests of the developing world. India has kept its commitments towards liberalisation of trade by removing quantitative restrictions on imports and reducing tariff rates.
The licensing policy, introduced under the IPR $\displaystyle 1956$, required industries to obtain prior permission from the government for production decisions. The aim of this policy was to ensure balanced regional growth, and prevent concentration of economic power.
While the licensing system initially helped in guiding industrialization and protecting small industries, it gradually led to bureaucratic delays, corruption, reduced competition, and inefficient resource allocation, thereby hindering growth.
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CBSE Class 12 Economics past-paper question from the 2026 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.