Elaborate how the economic reforms process of India impacted the industrial sector.
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Solution and Explanation
The economic reforms process transformed the industrial sector in the following ways:
Liberalization: Removal of license requirements under the License Raj boosted industrial growth and competition.
FDI Inflows: Reforms facilitated foreign direct investments in manufacturing, improving technology and productivity.
Privatization: Shift towards privatization reduced state control over public enterprises, making industries more efficient.
Export-Oriented Growth: Encouraged industries to focus on exports through special economic zones and trade liberalization.
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