What is Liberalization? meaning and definition

Meaning: Liberalization is the economic reforms that were introduced were aimed at liberalizing the Indian business and industry from all unnecessary controls and restrictions. They indicate the end of the license-permit-quota raj.

Definition: Liberalization is any process whereby a state lifts restrictions on some private individual activities. Liberalization occurs when something which used to be banned is no longer banned, or when government regulations are relaxed. Economic liberalization is the reduction of state involvement in the economy.
   
Liberalization of the Indian industry has taken place concerning:

• Abolishing licensing requirement in most of the industries except a shortlist.
• Freedom in deciding the scale of business activities i.e., no restrictions on expansion or contraction of business activities.
• Removal of restrictions on the movement of goods and services.
• Freedom in fixing the prices of goods services.
• Reduction in tax rates and lifting of unnecessary controls over the economy.
• Simplifying procedures for imports and exports, and.
• Making it easier to attract foreign capital and technology to India.