Liberalization is defined as the ease of government rules and restrictions of local trades and businesses. Liberalization allows local businesses to grow freely and more profits. Globalization is the expansion of interconnected trades in the largely unregulated international market. It marks the exposure of trades and business on a high level of society. It is a multifaceted process that directly contributes to the economy with the help of society and their culture.

Further Reading:

• Distribution of Major Industries in India
• UPSC GS 3 Notes: Economic Reforms Of 1991