Question

What Are the Reforms Taken During Liberalisation?

Answer 1

The following reforms were introduced during the liberalisation phase:

1. Industrial licensing was abolished in most industries.
2. Public sector industries were reduced and the private sector was allowed more freedom.
3. SLR and CRR were reduced
4. Many private sector banks started to function giving tough competition to the public sector banks.
5. The rupee was devalued so as to encourage exports and reduce imports

Also see:

• MCQs on Liberalisation
• MCQs on Globalisation
• Advantages of Globalisation
• Objectives of Privatisation

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