DEFINE LIBERALISATION? EXPLAIN THE NEED FOR LIBERALISATION?
Meaning: - Liberalisation is the process of liberating the economy from various regulatory and control mechanisms of the state and of giving greater freedom to private enterprise.
Definition: - Liberalisation can be defined as, “Unilateral or multilateral reductions in tariffs and other measures that restrict trade”
NEED FOR Liberalisation
- Bring flexibility in the operations of business organisations.
- Paves the way for globalisation
- Helps companies to compete with other companies at international level.
- Saves time, efforts and money of business enterprises.
- reduces cost of production and distribution