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Q.

Removing barriers or restrictions set by the government on foreign trade is known as ____.


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Detailed Solution

Liberalisation is known as removing barriers or restrictions set by the government on foreign trade. Trade liberalisation has made it possible for businesspeople to invest in other sectors of the global economy. They are free to do as they please and can export or import any products and services. The government of India removed all the restrictions levied on the private sector on the terms of foreign trade and foreign investments. They can easily set up new industries and offices in different countries without the government's permission. Small and large-scale producers can sell their commodities in the global market.
 
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Removing barriers or restrictions set by the government on foreign trade is known as ____.