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Economic Reforms — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsEconomic Reforms2 Marks
Question
Which steps are taken in process of liberalization$?$
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Answer

Following steps are taken in process of liberalization :
  • There is a gradual decline in the controls imposed by the state in economic functioning.
  • The role of market forces of demand and supply increases in economic decision making.
  • The private sector is systematically allowed to enter the investment areas reserved for the public sector.
  • Protection granted by state to domestic industries against foreign competition is systematically reduced.

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