From Planned Industrialisation To Liberalisation

Step 1: Meaning.
Liberalization refers to the relaxation of government rules and controls in order to allow more freedom in economic activities.

Step 2: Key features.
\begin{itemize} \item Removal of licensing requirements in industries. \item Reduction of import tariffs and trade barriers. \item Encouragement of private enterprises and foreign investment. \end{itemize}

Step 3: Indian context.
India adopted liberalization in 1991 as part of economic reforms to overcome financial crisis, marking a major shift from a controlled economy to an open one.

Final Answer:

Step 1: Understand liberalization.
Liberalization refers to the removal or loosening of restrictions on economic activities. It focuses on reducing government control in order to promote private enterprise, competition, and globalization.

Step 2: Identify its domain.
While social, colonial, and education policies are important, liberalization directly deals with economic policy, including foreign trade, industrial policy, and investment rules.

Step 3: Conclusion.
Thus, liberalization is related with economic policy.

Final Answer: