The Economic section of RBI Grade B is divided into Growth and development, Economic reforms in India and Globalization. The topics covered in globalization are: Opening up of the Indian Economy, Balance of Payments, Export-import policy, International Economic Institutions, IMF and World Bank, WTO and Regional Economic Co-operation.
A brief description of the above mentioned topics is given below:
What is Globalization:
Globalization is the shift towards a more united and interdependent world economy. Globalization of markets means the merging of distinctively separate national markets into a global marketplace wherein the tastes and preferences converge into a global norm. Globalization of production means referring to sources of various goods and services from across the world to take benefit of differences in cost or quality of the factors of production such as land, human labour, energy, capital etc.
The economic liberalisation in India refers to the changes and reforms, initiated in 1991, of the country’s economic policies, with the goal of making the economy more market- and service-oriented, and expanding the role of private and foreign investment.
Balance of Payments:
Balance of payments, also known as balance of international outflows and abbreviated BOP, of a country is the record of all economic transactions between the residents of the country and the rest of the world in a period.
EXIM Policy is the export import policy of the government that is announced every five years. This policy consists of general provisions regarding exports and imports, promotional measures, duty exemption schemes, export promotion schemes, special economic zone programs and other details for different sectors.
International Economic Institutions: