In recent years how our markets have been transformed? Explain with examples.
Starting around 1991, some far-reaching changes in policy were made in India. Barriers on foreign trade and foreign investment has been removed to a large extent. This meant that goods could be imported and exported easily and also foreign companies could set up factories and offices here.
With the liberalization of trade, businesses are allowed to make decisions freely about what they wish to import or export. The government imposes much less restrictions than before and is therefore said to be more liberal.