Answer:
Essential features of
(a) Liberalisation
(i) Abolishing licensing requirements in most of the industries accept a short list.
(ii) No restriction on expansion or contraction of business.
(iii) Free movement of goods and services.
(iv) Freedom in fixing the prices of goods and services.
(v) Reduction in tax rates.
(vi) Simplifying procedures for imports and exports.
(vii) Making it easier to attract foreign capital and technology to India.
(b) Privatisation
(i) The government redefined the role of public sector.
(ii) Policy of planned disinvestments of the public sector.
(iii) Refining of sick enterprises to the Board of Industrial and Financial Reconstruction.
(c) Globalisation
(i) Import liberalisation
(ii) Export promotion
(iii) Foreign exchange reforms
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