Globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers. Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. 

During the reforms of 1991, which of the following policy measures were NOT undertaken by the government under "Globalisation" policy?

• Depreciation of rupee by the government
• Rise in equity limit participation of foreign investment
• Reduction is the equity limit for foreign participation

1 and 3

Following are the policy measures undertaken by the government:

• Rise in equity limit participation of foreign investment and removal of prior approvals and sanctions by the government.
• Devaluation (not depreciation) of rupee was done by the government to improve the balance of payment situation, as devaluation encourages exports and discourages imports.
• Removal of control on foreign trade.
• Modification in technology agreements as before 1991, restrictions were there for hiring foreign technology.