Topic– Part of static series under the heading – “Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth”
7) Critically analyze the impact economic Liberalization has had on growth and trade for agriculture in India?(250 words)
Key demand of the question
The question expects us to bring out the positive and negative impact that economic Liberalization has had on growth and trading in agricultural sector.
Critically analyze – When asked to analyze, you have to examine methodically the structure or nature of the topic by separating it into component parts and present them as a whole in a summary. When ‘critically’ is suffixed or prefixed to a directive, all you need to do is look at the good and bad of something and give a fair judgement.
Structure of the answer
Introduction – Mention the objective with which the process of economic Liberalization was initiated and highlight that it has affected all sector including agricultural sector.
- Discuss the positive impacts such an influx of technology, greater availability of credit, investment in food processing sector, contract farming, opened up export market etc
- Discuss the negative impact such as prove variability due to variation in global markets, share in economy decreased, shift in focus of policy makers, migration and farmers’ suicide in worst cases etc
Conclusion – Give a fair and balanced opinion and discuss way forward.