Entrepreneurs start new firms; most of them fail, but a few of them succeed, grow very rapidly, and account for significant amounts of job formation. Older firms shrink or go out of business if they fail to keep up with innovation and advances in productivity.
For example: •  First, the requirement of repatriation and surrender of export proceeds was continued, with provision of Exchange Earners Foreign Currency (EEFC) account for use by exchange earners. •  Second, all authorized dealers were allowed to sell foreign exchange for underlying current account transactions supported by documentary evidence.