what are two ways that a government can help to support the process og globalization?
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➡️Import Liberalization:
- For liberalizing foreign trade, import controls through licensing was abolished.
➡️Imports of Gold and Silver:
- Imports of Gold and Silver have been considerably liberalized. This reduced the incentive for smuggling. In Jan. 2004 imports of gold were made free from any commission charged for it.
➡️Market-Determined Exchange Rate:
- An important measure in external sector was to devalue the rupee in July 1991 and after about 2 years in 1993 exchange rate was changed from basket based pegged exchange rate system to market-determined exchange rate.
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