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What does the term “economic liberalization” refer to in the context of Indian economy

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What does the term “economic liberalization” refer to in the context of Indian economy?

(a)

Expansion of the public sector

(b)

Restriction of foreign investment

(c)

Removal of restrictions on private sector and encouragement of free market policies

(d)

Increase in trade barriers

Answer:

(c)

Core Books/NCERT

Explanation

Economic liberalization refers to the removal of restrictions on the private sector and encouragement of free market policies, including deregulation and opening up to foreign investments.