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Drivers Of Globalization

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ASSIGNMENT
Drivers of Globalization in India (September 22, 2017)

Submitted To- Submitted By-
Prof. Anish Bania Iranpreet Kaur

INTRODUCTION
In today’s era where the economies of the world are becoming a globalized village, there were many factors that lead to actual visualization of this world. These are termed as the drivers of the globalization.
INDIA – AN OVERVIEW
Indian economy was a closed economy until 1991as mentioned by Ahluwalia (2002); it focused on import substitution, strict licensing legislations, resistance to change. Consequently, the economy boosted after the adoption of globalization. Following are the drivers of globalization in India: 1. Falling barriers to trade and investment
a) With an advent of the New Economic Policy (NEP) reforms, Chand (n.d) states that FERA (Foreign Exchange Regulation Act, 1973 was abandoned and FEMA (Foreign Exchange Regulation Act) was enacted. Due to this there were huge number of Multinational Companies (MNC’s) entering the Indian market. Industries of high technology and high investment priority were provided automatic permission of Foreign Direct Investment (FDI) up to 51% of

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