Question : Government of India is seriously thinking to empower all of its oil marketing public sector undertaking to fix their own price for petrol and diesel?
Name the economic reforms related to this decision of government?
Option 1: Liberalisation
Option 2: Privatisation
Option 3: Globalisation
Option 4: None of the above
Correct Answer: Liberalisation
Solution :
Liberalisation means removal of restriction, licencing, etc. and simplifying prodcedures. Reduction in tariff, tax structure and giving more freedom. In the above case, Government of India is seriously thinking to all oil marketing public sector undertaking to fix their own price for petrol and diesel. This highlight the aspect of liberalisation.
Hence, option 1 is the correct answer.
