Question

Discuss the main features of liberalised economy of india.

Answer 1

Explanation:

Indian economy is termed as the developing economy of the world. Some features like low per capita income, higher population below poverty line, poor infrastructure, agriculture-based economy and lower rate of capital formation, tagged it as a developing economy in the world.

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Answer 2

Liberalisation has made provision for eliminating unnecessary controls and regulations in an economy

Explanation:

• The main feature of liberalisation comprise some strong benefits which assist in the "growth of companies". It promotes "economic growth of private sector companies". Also, it simplifies the regulation, policy, and tax structure.  
• Liberalisation permits "Foreign Direct Investment (FDI)", which compels public sector companies to "restructure themselves" for efficacy. In addition, it provides motivation for export/import & allows more imports of technology & capital goods. In addition, , it moves away from the "protection of small scale industries".
• Liberalizing has allowed firms to obtain capital from investors to pursue a viable investment, which has increased the flow of capital. An investment in part in the market in a diversified asset class would benefit investors.
• The implementation of privatization policies is another important aspect of liberalization. The term privatisation implies the establishment of private interests "publicly owned & managed enterprises" and also signifies "control and management by the private sector". Private sector was allowed to play an significant role in economic activities under the economic reforms strategy
• Liberalisation has abolished Industrial licensing, trade restrictions of customs duties,  tariffs & quantitative terms were taken off on the goods/service movement; companies could decide scale and size of production together with the price of the goods, decreased tax rates on various goods, & and the procedure for export/import was simplified.

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