McqMate
| Q. |
"Globalisation of Indian Economy" denotes : |
| A. | Increase of external borrowings |
| B. | having minimum intervention in economic relations with other countries |
| C. | starting of new business units abroad |
| D. | relaxing the programmes of import substitution |
| Answer» B. having minimum intervention in economic relations with other countries | |
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Explanation: Globalization means integrating the economy of a country with the economies of other countries or world economy under conditions of free flow of trade, capital and movement of persons across borders. In the Indian content, this implies opening up the economy to foreign direct investment by providing facilities to foreign companies to invest in different fields of economic activity in India; removing constraints and obstacles to the entry of MNCs in India allowing Indian companies to enter into foreign collaborations in India and also encouraging them to set up joint ventures abroad; carrying out massive import liberalization programmes by switching over from quantitative restrictions to tariffs in the first place and then bringing down the level of import duties considerably; and instead of a plethora of export incentives opting for exchange rate adjustments for promoting exports. |
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