Liberalization means :
Opening up economy to the world by attaining international competitiveness
Liberalization was the central plank of the New Economic Policy of 1991, which aimed at integrating the Indian economy with the world economy.
In this broad sense, liberalization means opening up the economy to the world by removing controls so that Indian industry attains international competitiveness.
Reducing the number of industries reserved for the public sector and freeing interest rates are only individual measures taken under liberalization, not its meaning.
Freeing industry and trade from unwanted restrictions is the means used; the purpose that defines liberalization is opening the economy to the world with internationally competitive industry.
Hence, the answer is Opening up economy to the world by attaining international competitiveness.
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(i) Public expenditure
(ii) Open market operations
(iii) Deficit financing
(iv) Taxation
(v) Reserve requirements
Codes :
