Introduction
Liberalization means removing government controls and allowing more freedom to private businesses. It helps increase trade, investment, and competition in the economy. India started liberalization in 1991 to improve its economy.
Main Features
- Reducing taxes and duties on goods.
- Allowing private companies in more sectors.
- Attracting foreign investment.
- Reducing restrictions on imports and exports.
Impact
- Improved growth and global trade.
- More job opportunities in private sector.
- But also increased inequality and job insecurity for some workers.
Conclusion
Liberalization has helped India’s economy grow, but it should also focus on social justice and welfare to benefit all citizens.