BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Abolition of licensing requirements in most of the indistries
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Reduction in tax rates and lifting of unnecessary controls over the economy
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Both (a) and (b)
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Setting up of Board of Industrial and Financial Reconstruction
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Detailed explanation-1: -liberalization, the loosening of government controls. Although sometimes associated with the relaxation of laws relating to social matters such as abortion and divorce, liberalization is most often used as an economic term. In particular, it refers to reductions in restrictions on international trade and capital.
Detailed explanation-2: -The following are the two main objectives of Liberalisation: To boost international foreign investment, industrial production, and technology competitiveness. To increase the position of Indian goods in the international markets.
Detailed explanation-3: -Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
Detailed explanation-4: -Liberalization refers to end of licence, quota and many more restrictions and control that were put on many industries.