Liberalisation is the process of liberating the economy from various regulatory and control mechanisms of the state and of giving greater freedom to private enterprise.
Liberalisation can be defined as, “Unilateral or multilateral reductions in tariffs and other measures that restrict trade”
NEED FOR LIBERALISATION
Bring flexibility in the operations of business organisations.
Paves the way for globalisation
Helps companies to compete with other companies at international level.
Saves time, efforts and money of business enterprises.
reduces cost of production and distribution
Increase efficiency, productivity and profitability of business organisations.