What do you mean by liberalization? State the various factors that necessitated liberalisation of the economy in India.

Liberalization refers to the process of reducing government restrictions and regulations on economic activities, trade, and investment, with the aim of fostering economic growth, efficiency, and competitiveness. It involves opening up a country's economy to international trade and investment, allowing market forces to play a more significant role in shaping economic activities. Liberalization often includes reforms such as reducing tariffs, removing trade barriers, deregulating industries, and privatizing state-owned enterprises.

In the context of India, liberalization became a crucial economic policy shift in the early 1990s. The country underwent significant reforms aimed at transforming its closed and highly regulated economy into a more open and market-oriented one. The need for liberalization in India was driven by a combination of domestic __________ ___ ________ ______ _________ _________ ______ _________ _______.
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