In fact this measure was adopted to resolve the BOP (balance of payments) crisis. Disinvestment - To make the globalization process smooth, privatization and liberalization policies are moving hand in hand WELL. Under the privatization program, most public sector enterprises were sold to the private sector. Dismantling the industrial licensing regime: Currently, only six industries are subject to compulsory licensing; on the accounts of environmental safety measures and strategic considerations. A significantly modified localization policy is in place in line with the liberalized licensing policy. No government industrial approval is required for locations that do not fall within 25 km of the outskirts of cities with a population of more than one person.