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

Liberalization refers to the process of easing restrictions and regulations in a country's economic policies to encourage free trade, open markets, and attract foreign investments. It involves reducing government intervention and control in various sectors of the economy, allowing the forces of supply and demand to operate more freely. Liberalization is often accompanied by privatization and globalization, forming a comprehensive approach to economic reforms.

In the case of India, liberalization became a pivotal component of economic policy in the early 1990s. The country embarked on a path of economic liberalization to break away from its traditionally closed and heavily regulated economic system. Several factors necessitated this shift, and understanding these factors provides insights into the rationale behind India's economic liberalization.

1. Balance of Payments Crisis:
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