It is the process, by which government controls over the industry is being loosened. Identify the term and discuss it briefly.
Liberalisation It means freedom of business and industry from the unnecessary controls and restrictions of the government. Some reforms undertaken under liberalisation were:
(i) Abolition of licensing in most industries.
(ii) Freedom to decide the scale of business.
(iii) Freedom to decide prices of products.
(iv) Dereservation of public sector enterprises.