Practicing Success
How did the government of India contribute to globalization? |
By implementing strict regulations on imports By following a policy of isolation from the rest of the world Through trade liberalization and reforms in foreign exchange By imposing quantitative restrictions on imports |
Through trade liberalization and reforms in foreign exchange |
Globalisation means the integration of the various economies of the world leading towards the emergence of a cohesive global economy. Till 1991, the Government of India had followed a policy of strictly regulating imports in value and volume terms. These regulations were with respect to (a) licensing of imports, (b) tariff restrictions and (c) quantitative restrictions. The new economic reforms aimed at trade liberalisation were directed towards import liberalisation, export promotion through rationalisation of the tariff structure and reforms with respect to foreign exchange so that the country does not remain isolated from the rest of the world. |