What measures have been taken for globalisation of Indian economy?
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Measures adopted for globalisation are:
- Rupee was devalued by 20% in July 1990-91. This made our goods cheaper thus encouraging exports and discouraging imports.
- A system of market determined exchange rate replaced the system of fixed exchange rate determined by the RBI.
- Exports and imports were now regulated by the market forces free from government intervention.
- Tariffs on imports were reduced and custom duties abolished.
- Quantitative restrictions on imports and exports were reduced or abolished in certain areas.
- The import licensing policy was abolished except in case of hazardous and environment-sensitive industries.
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