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Liberalisation, privatisation and globalisation represent a set of economic reforms aimed at transforming a controlled economy into a more market-oriented and competitive system. In the Indian context, these reforms were formally initiated in 1991 in response to a severe balance of payments crisis and have since reshaped the business environment. Liberalisation refers to the removal or reduction of government controls, restrictions and regulations on economic activities. Before 1991, the Indian economy was characterised by extensive licensing ____ ___ ____ ______ ________ ______ _______ ___ ______ _______ __________.
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