What is the process of removal of barriers or restrictions by the government on trade called?

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Globalisation

Privatisation

Liberalisation

Agglomeration

answer is C.

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Detailed Solution

Liberalisation is the process of removal of barriers or restrictions by the government on trade. The word means ‘freeing’ or ‘removal of controls. Liberalisation was beginning to be followed by countries from the 1980s, along with the principles of globalisation and privatisation. In India, the policies for liberalisation were taken up in the early 1990s with the New Economic Reforms. The measures include giving up the state-owned enterprises to private organisations, greater flexibility of the market and, in general, low restrictions.

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