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| 1. |
Define liberalisation. |
| Answer» Liberalization means relaxation of various government restrictions in the areas of social and economic policies. Liberalizing trade policy by the government that is removal of tariff, subsidies and other restrictions on the flow of goods and services between countries is also termed as liberalization.Liberalization is the result of New Industrial Policy which abolished the "License system". All industries except six major industries were liberalized. As a result industries grew rapidly and therefore liberalization also means deregulation and delicensing of industries. | |