(i) Liberalisation: In means freedom of business and industry from the unnecessary controls and : restrictions of the government, in the form of
abolition of licensing, dereservation of public sector enterprises, simplifying procedures for export and import etc.
(ii) Privatisation :It refers to the process of reducing the role of public sector and induction of private sector for the nation building process. This is done through ‘disinvestment’.
(iii) Globalisation: It means integrating the economy of a country with the world’s economy through abolition of import licensing, renewal of tariff and quantitative restrictions.