Policy changes in the wake of globalization and its impact on Indian industries

Serious budgetary and fiscal deficit of the government and perilous balance of payment crises occurred in 1991, which put India into a dangerous economic and financial chasm. Therefore in 1991 India was on the threshold of bankruptcy for international payments. Consequently series of reforms were undertaken with respect to industrial sector, trade and for financial sector, to make Indian economy more competent in 1991. The year 1991 witnessed the era of new regulatory, liberalized and globalized economic time in power. This paper discus the various policy changes in terms of the FDI, Foreign Exchange, Industrial Sector, Merger and Acquisition and Foreign Trade of in tune with globalization.