Question

What were the reforms made in India to adopt Globalization?

Answer 1

1. Abolition of Industrial licensing, except for a few industries.
2. Number of Industries reserved for the public sector is reduced.
3. The exchange rate of the rupee is fixed very much realistically to exchange export of Indian goods.
4. The rupee was made convertible on trade, on current account enabling foreign private sector to invest easily.
5. Reduction of import duties.
6. Suitable amendment of foreign exchange regulations.
7. The (SLR) Statutory Liquidity Ratio was reduced to increase lending by RBI.