Question

What is liberalization? (economics)

Answer 1

Liberalisation is any process whereby a state lifts restrictions on some private individual activities.

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Answer 2

Liberalization commonly means to liberate something from some kind of restrictions or bans.

But in the field of economics, specially in the Indian economics,the Liberalization mainly refers to the economical reformation in a national scale.

This economic liberalization was first initiated in the year of 1991.And from then the economical ecosystem of our country had enhanced a lot,and our economical productivity had also increased a lot in both national and international markets.