Why did the Government remove trade barriers? Or Why did India adopt a new economic policy of liberalization and globalization in 1991?
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Prior to 1991 the Government of India has imposed many restrictions on the Indian economy like industrial licencing System, price control , import licence ,etc. all these restrictions were hampering the growth of Indian industry so in 1991 it was decided to lift all the unwanted restrictions. for this , the following steps were taken:
1) all Industries except three industries were exempted from any kind of industrial licensing. 2) under the policy of liberalization industries are free to expand and produced according to the need of the market.
3) now producers are free to import the machinery and raw materials from abroad
4)now the industries also free to import modern technology from other countries
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1) all Industries except three industries were exempted from any kind of industrial licensing. 2) under the policy of liberalization industries are free to expand and produced according to the need of the market.
3) now producers are free to import the machinery and raw materials from abroad
4)now the industries also free to import modern technology from other countries
if u liked it. mark as brainliest
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