• Liberalisation is the process of reducing or removing government regulation and restriction on economic activities.
• Liberalisation involves the elimination or reduction of government controls over economic activities, allowing for greater participation of private entities and fostering a more market-oriented economy. This shift aims to increase efficiency, attract foreign investment, and integrate the economy with global markets.
• Objectives of Liberalisation in India
○ Enhance Global Market Integration: Develop a global market presence for the nation.
○ Promote Foreign Trade: Encourage exports and manage imports effectively.
○ Reduce Debt Burden: Alleviate the nation's debt through increased economic activity.
○ Encourage Domestic Competition: Foster competition among domestic businesses to improve quality and efficiency.
○ Attract Foreign Investment: Invite multinational corporations to invest and expand operations in India.
○ Improve Technology and Capital: Facilitate the inflow of advanced technology and foreign capital.
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