Liberalization of the economy basically means its freedom from any direct or physical controls imposed by the government. The basic aim of Liberalization was actually to put an end to those restrictions which became hindrances in the development and growth of the nation.

Major economics reforms are :

1 . Industrial sector reforms

Many steps are taken in this such as abolition of Industrial licensing , contraction of public sector. Expansion of production capacity, etc.

2. Financial sector reforms

Includes reducing various ratios , change in the role of RBI , De- regulation on interest rates, etc.

3 Tax reforms

4. Foreign exchange reforms (devaluation of rupee,etc)

Hope this helps

Hello,

Liberalization of the economy means its freedom from direct or physical controls imposed by the government. The basic aim of liberalization  was to put an end to those restrictions which became hindrances in the development and growth  of the nation. The loosening of government control in a country and when private sector companies start working  without or with fewer restrictions and government allow private players to expand for the growth of the country depicts liberalization in a country.

Few economic reforms under liberalisation were:

• Financial Sector Reforms
• Tax Reforms / Fiscal Reforms
• Foreign Exchange Reforms / External Sector Reforms
• Industrial Sector Reforms

Hope this was helpful.