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Business Environment

Notes 4. Dereservations: The 1991 industrial policy reduced the number of industries reserved for
the public sector from 17 to 4. The reserved sectors are:
(a) Arms and ammunition and allied items of defense equipment, combat aircraft and
warships.
(b) Atomic Energy.
(c) Minerals specified in the schedule to the Atomic Energy Order, 1953.

(d) Railway Transport.

Example: Presently, only Railways and Atomic Energy are reserved areas.
2.5.3 Globalisation

In the recent past, many meanings of the word 'globalisation' have accumulated.

Did u know? The word 'globalise' was first attested by the Merriam Webster Dictionary in
1944. To consider the history of globalisation, some authors focus on events since 1492, but
most scholars and theorists concentrate on a much more recent past.
Long before 1492, people began to link together disparate locations on the globe into extensive
systems of communication, migration, and interconnections. This formation of systems of
interaction between the global and the local has been a central driving force in world history.
In 325 BC Chandragupta Maurya becomes a Buddhist and combines the expansive powers of a
world religion, trade, economy, and imperial armies for the first time. Greeks (Selukas) sue for
peace with Chandragupta in 325 BC at Gerosia, marking the eastward link among overland
routes between the Mediterranean, Persia, India, and Central Asia.
By 1350, networks of trade which involved frequent movement of people, animals, goods,
money, and micro-organisms ran from England to China, through France and Italy, across the
Mediterranean to the Levant and Egypt, and then across Central Asia (the Silk Road) and along
sea lanes down the Red Sea, across the Indian Ocean, and through the Straits of Malacca to the
China coast.
Between 1492 and 1498: Columbus and Vasco da Gama travel west and east to the Indies,
inaugurating an age of European sea-borne empires.

Example: In South Asia, it should be noted, the Delhi Sultanate and Deccan states provided
a system of power that connected the inland trading routes of Central Asia with the coastal
towns of Bengal and the peninsula and thus to Indian Ocean trade for the first time.

The commodities trade continued well into the seventeenth century, concentrating on local
products from each region of the Eurasian system – Chinese silk and porcelain, Sumatra spices,
Malabar cinnamon and pepper, etc. – but by the 1600s, long - distance trade was more deeply
entrenched in the production process. An expansion of commercial production and commodities
trade was supported by the arrival into Asia of precious metals from the New World, which
came both from the East and West (the Atlantic and Pacific routes – via Palestine and Iran, and
also the Philippines and China).
Liberalisation of the 19th century is often called "The First Era of Globalisation". The "First Era of
Globalisation" is said to have broken down in stages, beginning with the First World War, and

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