Briefly explain the important areas of Liberalization.
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Major reforms under liberalization are categorized as : a Industrial sector reforms which include i Contraction of public sector industries. ii Abolition of industrial licensing. iii Dereservation of production areas for all scales of business. b Fiscal reforms which include i Reduction in rate of indirect taxes
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Liberalization policies include partial or full privatisation of government institutions and assets, greater labour market flexibility, lower tax rates for businesses, less restriction on both domestic and foreign capital, open markets, etc.
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