Briefly explain the following
(a) Liberalisation.
(b) Privatisation.
(c) Globalisation.

Explanation

a) LIBERALIZATION  :  

Through liberalization process, the Indian business and industry was freed from unnecessary controls restrictions. Necessity of licences in case of many goods and services were waived.


 

(b) PRIVATIZATION :  

It refers to the reduction in the role of government in the public sector enterprises. Under this government dis-invested many of  the public sector enterprises in favour of private sector and enhanced the role of private sector in those area in the government would hold.


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