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Question
What is meant by ‘liberalisation’?
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Solution
Liberalisation is the process whereby state control over economic activities are minimised and left to the market forces to decide. In general, it is a process of making laws more liberal and loosening of government rules and regulations on capital-labour and trade; privatisation of public sector enterprises selling government around companies to private companies, a reduction in tariffs and import duties so that foreign goods can be imported more easily.
- It includes privatisation of public sector enterprises.
- It allows easier access for foreign companies to set up industries in India.
- This is also known as marketisation or market-based process to solve economic, social or political problems.
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