Liberalisation:
Liberalization of economy means to free it from direct control imposed by the government.
Liberalisation of the Indian industry has taken place with respect to the following.
1. Abolishing licensing requirement in most of the industries
2. Freedom in deciding the scale of business activities
3. Removal of restrictions on the movement of goods and services
4. Freedom in fixing the prices of goods and services
5. Reduction in tax rates
6. Simplifying procedures for imports and exports
7. Attract foreign capital and technology to India.
