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What is the meaning of ‘economic liberalization?

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According to the policy of ‘economic liberalization’ certain regulations related to manufacturing, trade and commerce were removed. Duties and tax relaxations on import-export were announced.

Privatization means the process by which government-owned enterprises or public sector industries are handed over to private agencies or owners. This happened because public sector units were suffering losses while private sector units were making more profit. The Joint Sector is a part of the process of privatization.

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