What was the role of overseas trade in the economic prosperity of India ?
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Ever since economic liberalisation kicked off in India in 1991, foreign capital began flowing into the country, licences and permits for setting up industry was gradually disbanded and competition resulted in goods and services of better quality being produced. Best of technology was introduced both through in-house development in the country and by being brought in from overseas.
Exports from India saw a rise in the following decades and Indian Companies either set up base overseas or bought over foreign Companies across the globe. This surge in overseas economic activity lead to the prosperity of the country and India today rightfully deserves to be called an economic powerhouse.One other factor for economic growth was India becoming a production hub for many leading international Companies, which were able to export their produce anywhere and everywhere.
Exports from India saw a rise in the following decades and Indian Companies either set up base overseas or bought over foreign Companies across the globe. This surge in overseas economic activity lead to the prosperity of the country and India today rightfully deserves to be called an economic powerhouse.One other factor for economic growth was India becoming a production hub for many leading international Companies, which were able to export their produce anywhere and everywhere.
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