Name: Navneet Kaur
Country: India

Year: 2015
Volume: Volume-2, Issue-1 (January-June)
Page Number: 32-39

Globalization takes place on a major scale when govt. of India made changes in its economic policy in 1991 and country’s market was opened to foreign investment. Globalization has brought in new opportunities to developing countries like greater access to developed country markets and technology transfer hold out promise improved productivity and higher living standard and new challenges like growing inequality across and within nations, volatility in financial market and environmental deteriorations.
The Important Reform Measures (Step Towards liberalization privatization and Globalization)
Indian economy was in deep crisis in July 1991, when foreign currency reserves had plummeted to almost $1 billion; Inflation had roared to an annual rate of 17 percent; fiscal deficit was very high and had become unsustainable; foreign investors and NRIs had lost confidence in Indian Economy. Major measures initiated as a part of the liberalization and globalization strategy in the early nineties included the following: