In India, globalization was initiated by Prime Minister Narsimha Rao in July 1991. For this, several times he became the centre of criticism for America Oriented globalization. In the practice, the then finance minster Manmohan Singh initiated the new economic policies (liberalizatoin, privatisation and globalization.)
By adopting the new economic policy in 1991, India implemented the process of globalization and liberalization. In 1992 the rupee was made fully transferable. And steps were taken to reform the capital market and financial policy. Import-export policy has been amended. The restrictions have been removed. India signed an international agreement. On Dec. 30, 1994. On january 01, 1995, the World Trade Organization was established and India signed it and became its member. After signing the agreement India started eliminating many rules and formalities which had been a hindrance in economic growth for years. Many reforms were made in the system of governance and the complexity of the government system was reduced.
