Reforms in Industry
Industrial growth during the period of reforms had retarded. This was mainly because of cheap imports, inadequate investment, poor infrastructure etc. In the globalized era, developing nations are forced to open their markets for the developed worlds and hence their domestic products get replaced by cheaper imported products. This affected the industries adversely. Globalization is creating a situation where it aids the developed nations while simultaneously putting pressure on the domestic markets of the developing nations. Industries suffer because of lack of investment into proper infrastructure.
Also, a developing nation like India does not have access to a market like that of the USA because of high non tariff barriers. Though we have removed our quantitative restrictions, the USA has not removed the import restrictions on textiles from India and China.