Liberalisation in the 1990s removed trade barriers and encouraged foreign investments. It allowed global companies to operate in India, promoting free trade, competition, and integration with the world economy.
How did the process of liberalisation initiated in India in the 1990s, promote globalisation? Explain.
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The 1991 liberalisation policy opened Indian markets by reducing import restrictions and encouraging foreign investment. It enhanced international trade, improved competition, and attracted global industries to India. This process connected India’s economy with global markets, creating more employment, technological advancement, and faster economic growth through globalisation.