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Relaxing the restrictions and controls imposed on Business and industry means
- a)Liberalisation
- b)Privatisation
- c)Globalisation
- d)None of the above
- e)
Correct answer is option 'A'. Can you explain this answer?
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Relaxing the restrictions and controls imposed on Business and industr...
Liberalization refers to relaxation of government restrictions usually in areas of social and economic policies. It refers to the process of eliminating unnecessary controls and restrictions on the smooth functioning of business enterprises.
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Relaxing the restrictions and controls imposed on Business and industr...
Liberalisation
Liberalisation refers to the relaxation of restrictions and controls imposed on business and industry by the government. It involves reducing government intervention in the economy, allowing for more free market principles to operate.
Reasons for Liberalisation
- Encourages competition: Liberalisation promotes competition among businesses, leading to better quality products and services at competitive prices.
- Attracts foreign investment: By liberalising the economy, countries can attract foreign investment which can boost economic growth.
- Stimulates innovation: With fewer restrictions, businesses are encouraged to innovate and adapt to market demands more efficiently.
- Improves efficiency: Liberalisation helps in improving the efficiency of businesses by removing bureaucratic hurdles and red tape.
Examples of Liberalisation
- Deregulation of industries: Removing restrictions on entry and exit of firms in various industries.
- Trade liberalisation: Removing tariffs and quotas to promote free trade.
- Privatisation: Transferring ownership of state-owned enterprises to private entities.
In conclusion, liberalisation plays a crucial role in promoting economic growth, fostering innovation, and improving efficiency in business and industry. By relaxing restrictions and controls, countries can create a more conducive environment for businesses to thrive.
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Relaxing the restrictions and controls imposed on Business and industry meansa)Liberalisationb)Privatisationc)Globalisationd)None of the abovee)Correct answer is option 'A'. Can you explain this answer?
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