write short note on meaning of liberalisation
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Liberalisation took place on two fronts—domestic liberalisation and trade liberalisation. Experiments with domestic liberalisation began in the mid seventies.
A formal liberalisation of economic policy in India started in 1973 when a number of industries were thrown open for participation by large business houses and companies covered under MRTP and FERA acts.
However, the then international and national situation as created by hike in petroleum prices and labour unrest at some did not allow for any major change in the industrial structure.
A formal liberalisation of economic policy in India started in 1973 when a number of industries were thrown open for participation by large business houses and companies covered under MRTP and FERA acts.
However, the then international and national situation as created by hike in petroleum prices and labour unrest at some did not allow for any major change in the industrial structure.
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Explanation:
Liberalization refers to the loosening of the government's control over a certain things. Liberalization is associated with the relaxation of government regulation on social matters, for example, same-sex marriage. Liberation occurs when something or an action that was banned is no longer banned. Liberalization can also be used in economics to refer to the reduction or elimination of government restrictions on private business and international trade.
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