Question

Liberalization refers to a set of measures and reforms aimed at the creation of an open economy. (State with reason whether the given statement is true or false)

Answer 1

Yes, the statement is true.  

Liberalization provides ample opportunities for the economy to grow and bloom. It definitely creates an open economy where competition takes place amongst domestic and industrial units. It also enhances foreign capital and technology, expands global market frontiers of the country and above all helps to diminish the debt burden of the country. Most importantly, it encourages foreign trade with other countries with regulated imports and exports.