NCERT · Class 11 · Economics · Liberalisation, Privatisation and GlobalisationWhat does Liberalisation mean in the context of economic reforms?
Step-by-Step Solution
Liberalisation means the removal of unnecessary government controls and restrictions on economic activities to make the economy more open and competitive.
Detailed Options Breakdown
Option : Increasing government control
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Liberalisation, Privatisation and Globalisation.
Option 1: Removal of government restrictions and controls (Correct Answer)
Correct choice. Refer to the step-by-step verified solution guidelines above for details.
Option 2: Nationalisation of industries
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Liberalisation, Privatisation and Globalisation.
Option 3: Banning foreign trade
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Liberalisation, Privatisation and Globalisation.
💡 Study Guide: This question tests core syllabus concepts from Liberalisation, Privatisation and Globalisation. For formulas, key summaries, and mock exam reference guides, read the full Liberalisation, Privatisation and Globalisation Revision Notes.