Explanation:
The 1991 Industrial Policy emphasised liberalisation, abolition of industrial licensing for most industries, and encouragement of private and foreign investment.
Explanation:
Under increasing returns to scale, long-run average cost falls as output expands, resulting in a downward-sloping LAC curve over the relevant range.
Explanation:
Foreign direct investment and portfolio investment are capital account transactions. Software exports, remittances and interest payments form part of the current account.
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