The government of India has adopted several measures of liberalization. Some of these measures are as under
(a) Liberalization for industrial licensing:
(i) In India, it was mandatory to obtain license before liberalization for setting up certain industries.
(ii) After liberalization, all industries except six specific industries were liberalized i.e, free from obtaining license.
(b) Freedom for expansion and production to industries:
(i) Earlier government used to fix the maximum limit of production capacity.
(ii) Now the industries are free to decide their production limits.
(c) Increase in the investment limit of the small industries
(i) Investment limit of the small scale industries has been raised to Rs. 1 cr.
(ii) So these companies can upgrade their machinery and improve their efficiency.
(d) Foreign Exchange reforms:
(i) The first important reform in the external sector was made in the foreign exchange market.
(ii) In 1991, as an immediate measure to resolve the balance of payments crisis, the rupee was devalued against foreign currencies.
(e) Liberalization of export and import transactions:
By simplifying procedures for imports and exports the government wanted to permit the international flow of goods, services, capital, human resources and technology, without many restrictions.

The salient highlights of the Liberalization, Privatization and Globalization policy in India.
(i) Introduction of new Foreign Trade Agreements
(ii) Foreign Investment (FDI & FII)
(iii) MRTP Act, 1969 (Amended)
(iv) Deregulation
(v) Opportunities for overseas trade
(vi) Steps to regulate inflation
(vii) Tax reforms
(viii) Abolition of License

Advantages of Globalization :
(i) Increase in foreign collaboration: Globalisation increases foreign collaboration through various modes such as joint venture, merger, franchise, turn-key projects, etc.
(ii) Expansion of market: The size and operation of business moves from local to national and from national to international.
(iii) Technological development: Technological advancement paves way for a company to enter foreign market.
(iv) Reduction in brain drain: Brain drain is a situation in which a country loses its most educated and talented workers to other countries through migration.
Disadvantages of Globalization:
(i) Loss of domestic industries: Globalisation causes decline in the demand of domestic products which in turn vanishes the domestic business.
(ii) Increase in inequalities: Globalisation widens the gap between rich and poor. Also developed countries exploit the resources of developing countries.
(iii) Dominance of foreign institutions: Economic power shifts from independent industries to international organisations which is a threat to national sovereignty.

Forms of Globalization
(i) Foreign trade policy: India has signed a number of agreements in order to expand Indian trade worldwide. Some of the agreement includes TRIPS (Trade Related Intellectual Property Rights), GATS (General Agreement on Trade in Service).
(ii) Export promotion: Globalisation promotes export by reducing quotes and tariffs, by eliminating trade restrictions and by simplifying trade procedures.
(iii) Freedom to repatriate: Repatriate means, to send or bring money back to one's own country. Since globalisation has integrated many countries, repatriation has become very easy.
(iv) Reduction in tariffs: Custom duties and tariffs imposed on imports and exports are reduced gradually to make Indian economy attractive to the global investors.
(v) Encouraging open competition: Globalisation brings an end to the difference between domestic and international markets. Domestic companies start their operations in the international level and therefore there is an open competition.

Forms of Privatization:
(i) Contraction (minimisation) of public sectors: The number of industries reserved for public sector was reduced from 17 (as per 1956 policy) to only 8 industries viz, Arms and Ammunition, Atomic Energy, Coal and Lignite, Mineral oils, Mining of ores, Mining of copper, lead, zinc etc., Minerals for atomic energy and Railways.
(ii) Sales of shares of public sectors to the private sector: Indian Govt. started selling shares of PSUs to public and financial institution. Now the private sector will acquire ownership of these PSU's.
(iii) Memorandum of Undersatanding: MOU system was introduced in 1991to raise the productivity and performances of PSUs. It strengthens the relationship between PSUs and administrative departments.
(iv) Disinvestment in PSUs: The Govt has started the process of disinvestment in those PSUs which had been running into loss. It means that Govt. has been selling out these industries to private sector. So disinvestment is a system of privatizing government enterprises.

The government of India has adopted several measures of liberalization. Some of these measures are as under:
(i) Liberalization for industrial licensing: In India, it was mandatory to obtain license before liberalization for setting up certain industries. After liberalisation, all industries except six specific industries were liberalized i.e., free from obtaining license.
(ii) Freedom for expansion and poduction to industries: Earlier government used to fix the maximum limit of production capacity. Now the industries are free to decide their production limits by their own on the basis of the requirement of the markets.
(iii) Increase in the investment limit of the small industries: Investment limit of the small scale industries has been raised to Rs. 1 cr. So these companies can upgrade their machinery and improve their efficiency.
(iv) The first important reform in the external sector was made in the foreign exchange market. This led to an increase in the inflow of foreign exchange.
(v) Liberalization of export and import transactions: By simplifying procedures for imports and exports the government wanted to permit the international flow of goods, services, capital, human resources and technology, without many restrictions.