Liberalisation refers to the process of reducing government controls and restrictions in the economy. This policy shift aims to promote economic growth, efficiency, and competitiveness by allowing market forces to operate more freely. Let's break down the concept of liberalisation in detail:

Reduced Government Controls:
- Liberalisation involves dismantling barriers to trade, investment, and business operations imposed by the government.
- It includes reducing tariffs, quotas, licensing requirements, and other restrictions that hinder free market activity.

Promotion of Competition:
- Liberalisation promotes competition by allowing new firms to enter the market easily and existing firms to expand without unnecessary regulations.
- This leads to greater efficiency, lower prices, improved quality of goods and services, and innovation.

Encouraging Foreign Investment:
- By liberalising its economy, a country can attract more foreign direct investment (FDI) as overseas companies find it easier to invest and operate in a less restrictive environment.
- This influx of FDI can help boost economic growth, create jobs, and transfer technology and skills.

Integration with Global Economy:
- Liberalisation often involves opening up the economy to international trade and investment, leading to greater integration with the global economy.
- This can result in increased exports, access to new markets, and opportunities for economic development.
In conclusion, liberalisation is a policy approach that emphasizes reducing government intervention in the economy to promote competition, efficiency, and integration with the global market. By embracing liberalisation, countries can create a more dynamic and vibrant economic environment that benefits both businesses and consumers.