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Economics · 2026 · 6 marks
Liberalisation, Privatisation and Globalisation: An AppraisalGlobalisation6 marksUnderstandlong answer
CBSE 2026 · Region 2 · Set 2 · Q33
(A) Read the following text carefully and answer the questions given below: “This organisation replaced General Agreement on Trade and Tariff (GATT)…
Read the following text carefully and answer the questions given below :
“This organisation replaced General Agreement on Trade and Tariff (GATT) as global trade organisation.”
(i)
Identify the organisation which is known as the successor of GATT.
(ii)
In which year was this new organisation established ?
(iii)
Explain any two objective of the new organisation.
Read the following text carefully and answer the questions given below :
“It is an arrangement in which a firm hires some specialized firm(s) to carry out some of its activities (which were earlier being performed by itself). These service hirings could be from local / international markets.”
(i)
Identify the indicated outcome of the globalisation process.
(ii)
State any two factors responsible for making India as an important source of these activities.
(iii)
Explain examples of services that have expanded due to advancements in information technology.
Marking-scheme solution
(i)
World Trade Organisation (WTO) is the successor organisation of GATT.
(ii)
World Trade Organisation (WTO) was established in 1995.
(iii)
The objectives of World Trade Organisation (WTO) are to:
administer all multilateral trade agreements by providing equal opportunities to all countries in the international market for trading purposes.
establish a rule-based trading regime in which nations cannot place arbitrary restrictions on trade.
(i)
The indicated outcome of the globalisation process is Outsourcing.
(ii)
India has emerged as a favourite outsourcing destination because of the:
growth of faster modes of communication, particularly the growth of Information Technology (IT).
availability of skilled and qualified manpower at relatively affordable costs.
(iii)
With rapid advancements in information technology, India has emerged as a major outsourcing hub for a wide range of services. These include voice-based business processes, data and record management, accounting, banking services, film editing, book transcription, clinical consultation and even online teaching.
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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.