Question

what is known as the removal of business set by the government?
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Answer 1

Answer:

Economic liberalization refers to those government policies which promote economic growth by opening up trade to international markets, extending the use of markets and lessening the restrictions and regulations placed on business.

Answer 2

Liberalization is known as the removal of business set by the government.

• Liberalization is the process of removal or elimination of control of the state over economic activities like businesses.
• When the authority of the government is absent, the business can function independently or in an autonomous manner.
• Liberalization was established during the formation of the New Economic Strategy in 1991.
• After the adoption of these rules, the economy of India has drastically improved.
• Liberalization removes barriers for foreign investors to collaborate or invest in new ideas or businesses.

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