How is starting a new business in 1970 different from starting a business in 1995 in India?

New businesses are no longer required to get a licence from the government.

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There are no trade barriers to foreign trade.

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There is tough competition between domestic and foreign businesses.

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Businesses can utilise developed telecommunication infrastructure.

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Solution

The correct option is D Businesses can utilise developed telecommunication infrastructure.
Liberalisation of 1991 allowed foreign players to do business in India. The license system was abolished. As a result, the Indian market became more competitive. The trade barriers were reduced, but those are still in use in selective cases. To facilitate the new economic reform, the government also developed its internal infrastructural facilities like roads and telecommunication.

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