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Liberalisation, Privatisation And Globalisation : An Appraisal

Question

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Differentiate between policy of restriction and policy of liberalisation.

Solution

Liberalisation : It means removing unnecessary trade restrictions and making the economy more competitive. New economic policy liberated the private sector from strict control and licensing.

Restriction : If restrictions are imposed on economic activities by government policies, it is called the policy of restriction. No real economy is completely free of restrictions when these restrictions are removed.

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