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date: 25 September 2017

liberalization

Source:
A Dictionary of Business and Management in India
Author(s):

Peter Enderwick

liberalization 

Reduction of government restrictions or barriers to free trade and exchange with overseas markets. India initiated widespread liberalization after 1991, reducing import taxes, freeing the exchange rate, and encouraging foreign investment. Critics argue that liberalization is unlikely to result in inclusive growth and that associated changes such as relaxation of labour laws have lagged behind trade liberalization, preventing capture of the full benefits.

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