Question

how did the indian economy adapt to globalisation?

Answer 1

Before 1990s India took after a patch of confined exchange. Such limitations were that sure items would not be permitted to be imported as they were produced in India. For instance, General Engineering merchandise, Food things, toiletries, Agricultural items and so on were on the restricted list of import.

In the 1990s because of changes in world monetary request and because of overwhelming pressure from rich nations like USA, Japan, European nations ruling the WTO (World Trade Organization having 135 individuals, set up in 1995) and IMF (International Monetary Fund) and World Bank occupied with advancement financing exercises, the developing and the poor nations everywhere throughout the world were compelled to open their exchange and advertise and enable nonnatives to share their significant piece of a business.

Consequently, India initially began the procedure of globalization and progression in 1991 under the Union Finance Minister, Shri Manmohan Singh.

Answer 2

Indian economy was neck deep in problems due to the increasing imports and worldwide changes in the economic policy and globalization. India was left with no option but to bring in some immediate changes and reforms to adapt itself to the ever growing globalization. 

Thus the two immediate remedies that the then government adapted were:

1) Reducing the value of rupee in the global market by massive 18-19% in order to stabilize the un-even market condition with some of the big trade nations such as USA, Japan and UK. And

2) Denationalizing most of the public sectors in order to set a smooth flow of work and to include as many organizations as possible to meet the fast changes in the market.