Question : Which of the following deals with the process of simplification of import - export?
Option 1: Liberalisation
Option 2: Privatisation
Option 3: Globalisation
Option 4: None of the above
Answer (1)
15th Jan, 2024
Correct Answer: Liberalisation
Solution :
Liberalisation refers to end of licence, quota and many more restrictions and controls which were put on industries. Indian companies got liberalisation in the following ways:
1. Abolition of licence except in few.
2. No restriction on expansion or contraction of business activities
3. Liberalisation in import and export.
Hence, option 1 is the correct answer.
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