What does globalisation imply in Indian Context?
In Indian context, globalisation implies:
(1) Opening of the economy to foreign direct investment by providing facilities to foreign companies to invest in different fields of economics activity in India;
(2) removing restrictions and obstacles to the entry of multinational companies in India;
(3) allowing Indian companies to enter into foreign collaboration in India and also encouraging them to set up joint ventures abroad;
(4) carrying out massive import liberalisation programmes by switching over from quantitative restrictions to tariffs in the first place, and then bringing down the level of import duties considerably; and
(5) instead of a set of export incentives, opting for exchange rate adjustments for promoting export.
