What is liberalization? Describe any five effects of liberalization on the Indian Economy.

1. Removing barriers or restrictions set by the government is known as liberalization.
2. Competition would improve the performance of producers within the country.
3. Barriers on foreign trade and foreign investment were removed to large extent. This meant that goods could be imported and exported easily.
4. Foreign companies could set up factories and offices to boost up production. It allows making decision freely.
5. The competition would improve the performance of producers within the country since they have to improve their quality.

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