With increasing globalization, firms are entering a dynamic world of international business that is marked by liberalization of economic policies in a large number of emerging economies like India. To face the challenge of increasing competition that has resulted from liberalization, Indian...

The Indian economy began its liberalization process in 1991 under the structural adjustment program of the IMF and the World Bank. The structural adjustment program required India to deregulate in phased manner, eliminate the license regime and to open its economy to foreign capital. With the...