The essential features of liberalisation were:
(i) It laid stress on freedom of business and industry from unnecessary controls and restrictions of the government.
(ii) Emphasis was laid on simplifying export and import procedures.
(iii) Restrictions on the movement of goods and services was removed.
(iv) Public sector enterprises were dereserved.
The essential features of privatisation were:
(i) It laid stress on induction of private ownership, management and control in public sector.
(ii) There was a significant reduction in the role of public sector enterprises for economic growth.
(iii) BIFR was established for rehabilitation of sick units.
(iv) Disinvestment of public sector took place at a significant rate.
The essential features of globalisation were
(i) It laid stress on integration of domestic economies into a cohesive global economy.
(ii) Licensing fc/as abolished for imports.
(iii) The share of foreign equity participation was increased.
(iv) FIPB was set up to promote foreign investments in India.
The policy of liberalisation, privatisation and globalisation of the government has made a significant impact on the working of enterprises in business and industry. They have become more customer focused and have adopted measures to improve customer relationship and satisfaction.