Define the following terms

a) Disinvestment b) Import Substitution

OR

Define the following terms

a) Outsourcing b) Quota

a) Disinvestment-means where the government or a public company sells its equity holding or stake to a private company. It involves transfer of ownership of public sector enterprises to private sector. Money received through disinvestment considered as capital receipts because it causes reduction in the assets of the government.

b) Import Substitution: Import Substitution is a strategy or economic policy that focuses on the replacement of imports with domestically produced goods. Import substitution is done with an aim to reduce the dependence of one country on the other country.

Or

a)Outsourcing: Outsourcing is a process of hiring specialized agencies or company or an individual to perform certain tasks or operations which were earlier produced within the company. Nowadays mostly companies outsource various services such as sanitation, security, household, pantry, consultancy etc.

b) Quota: A Quota is a non tariff barrier imposed by the government that limits the number of monetary value of goods that a country can import or export during a particular period. It focuses on the volume of trade. It is imposed with an aim to protect the interests of domestic producers or manufactures from foreign.