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#!/usr/bin/perl
# File Name : parent.pl
...

# Any possible way to use the shell script variable here
print "\n$MY_LIB_PATH";

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#!/bin/sh
# File Name : path_reset.sh
...
MY_LIB_PATH=$ORACLE_HOME/$MY_HOME/$VAR1
export $MY_LIB_PATH; 
echo $MY_LIB_PATH