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What is meant by 'Globalization of Indian Economy'?

  1. A
    Increase in external borrowing
  2. B
    Establishing business units of Indian companies abroad
  3. C
    Having minimum possible restrictions on economic relations with other countries
  4. D
    Giving up the program of import substitution

Solution & Step-by-step Explanation

Globalization of the economy refers to the integration of the domestic economy with the global economy. It entails opening up the domestic market by maintaining minimum possible structural, tariff, and non-tariff restrictions on foreign trade, investments, and economic partnerships.

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What is meant by 'Globalization of Indian Economy'?
A
Increase in external borrowing
B
Establishing business units of Indian companies abroad
C
Having minimum possible restrictions on economic relations with other countries
D
Giving up the program of import substitution

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EconomicsIndian EconomyGlobalization

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