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Question
What are the reforms made to adopt globalization?
Answer in Brief
Solution
The following reforms were made to adapt globalization in India.
- Abolition of industrial licensing, except for a few industries.
- Reduction in the number of industries reserved for public sector.
- Fixation of a realistic exchange rate of rupee to exchange exports of Indian goods.
- Foreign exchange regulations were suitably amended.
- The Statutory Liquidity Ratio (SLR) was reduced to increase lending by RBI.
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Globalization in India
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