Explain the measure taken for globalisation …
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Gaurav Seth 5 years, 3 months ago
Measures taken for globalisation of the Indian economy are :
(i) Rupee was devalued by 20% in July 1990-91. The devaluation was made to encourage
exports and discourage imports.
(ii) The government offered partial convertibility j of rupee through the budget of 1992-93. Full convertibility was offered in 1993-94. Convertibility of rupee was aimed at encouraging
export earnings.
(iii) The government announced foreign trade policy for a period of five years i.e., 1992-97. The sole purpose of this policy was liberalisation.
(iv) In order to build up our competitive strength, customs and tariff policies were modified to promote international trade.
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