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New Economic Policies



deregulation of industry industrial licensing was abolished for all except few industries and more industries were now opened to the private sector foreign exchange the Indian rupee was devalued to increase the inflow of foreign exchange tax reforms under tax reforms the direct axis as well as the corporation taxes who were reduced to increase savings financial sector this was aimed to reduce the role of RBI in financial institution trade investment policy taxes and tariffs on trade were reduced to encourage trade privatization and privatization undertakings owned by the government were sold and paths to private companies this is known as disinvestment globalization it is an outcome of privatization and liberalization it aims to transform the world towards greater interdependence and integration outsourcing companies hire regular services from external service which were previously provided internally within a country WTO it is expected to establish a rule-based trading regime in which nations have to liberalize d'être

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