What is Liberalisation? Name any three steps taken by India in this direction.
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Liberalisation refers to the freedom of the economy from the direct controls imposed by the government.Main steps taken towards liberalisation in 1991 are:
- Delicensing of Industries: New economic policy abolished the system of industrial licensing except for those industries which were of strategic concern.
- Amendment of Monopolies and Restrictive Trade Practices Act (MRTP): Government had imposed investment controls on industries. These restrictions were removed.
- Liberalisation in trade and investment: Tariff and non-tariff barriers such as quantitative restrictions to trade were removed.
- Liberalisation in the financial sector: led to reduced tax rates, and more freedom to financial institutions in their lending and deposit policies.
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