'The policy of liberalization has brought about changes in our society.' Elaborate.

Following are the changes brought due to liberalisation:
(i) The process of liberalization includes a range of politics such as the privatisation of public sector enterprises, loosening of government regulations on capital, labour and trade.
(ii) Theh policy of liberalisation is mainly responsible for the globalisation of the Indian economy. This process began in 1980s.
(iii) The foreign companies were allowed to set up in India. For these changes the world marketisation is also used.
(iv) Due to liberalisation reduction in tariff and import duties was made. Now foreign goods can be imported easily.
(v) The process of liberalisation and marketisation have stimulated economic growth. e.g. many foreign branded goods are now sold in the Indian Market.
(vi) However, the processes of liberalisation and marketisation present government interference in markets. If subsidies are reduced or withdrawn, many farmers would not be able to make a decent living from agriculture. In the same way small manufacturers have been exposed to global competition. The foreign goods and brands are in the market, therefore, local goods and brands have gone way behind. The process of privatisation has led to loss of employment in some sectors.