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[[1]]  is a component of the New Economic Reforms introduced in 1991 in India.


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Detailed Solution

Liberalization is a component of India's New Economic Reforms introduced in 1991. It is the process of eliminating restrictions and barriers on foreign trade and international investment by the country's government. The main objective of liberalization is to seek the active participation of the private sector in developing infrastructure in the large-scale sector. It assists in getting a favourable ratio of net profit to capital invested.
 
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