Name the government policy which facilitated Globalization and in which year did it come into force?
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Name the government policy which facilitated Globalization and in which year did it come into force?
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FDI inflows into India reached a record US$19.5bn in fiscal year 2006/07 (April–March), according to the government's Secretariat for Industrial Assistance. This was more than ...
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The goods produced in India had long been exported to far off destinations across the world;the concept of globalization is hardly new to India.
The goods produced in India had long been exported to far off destinations across the world;the concept of globalization is hardly new to India.India currently accounts for 2.7% of world trade (as of 2015), up from 1.2% in 2006 according to the World Trade Organization (WTO).Until the liberalisation of 1991, India was largely and intentionally isolated from the world markets, to protect its fledgeling economy and to achieve self-reliance. Foreign trade was subject to import tariffs, export taxes and quantitative restrictions, while foreign direct investment was restricted by upper-limit equity participation, restrictions on technology transfer, export obligations and government approvals; these approvals were needed for nearly 60% of new FDI in the industrial sector.The restrictions ensured that FDI averaged only around $200M annually between 1985 and 1991; a large percentage of the capital flows consisted of foreign aid, commercial borrowing and deposits of non-resident Indians.
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