Concept of Liberalisation :- Progressive elimination of government control over economic activities is known as "liberalisation". Liberalisation refers to freedom to business enterprises from excessive government control and they are given freedom to make their own decisions regarding production, consumption, pricing, marketing, borrowing, lending & investments. The major elements of Liberalisation in India includes the followings : 1. De-licencing of industries :- The Industrial Policy 1991 abolished (cancelled), licencing for most industries which helped Indian companies to concentrate on productive activities. The 6 industries that required licencing are alcohol, cigarattes, industrial explosives, defence product, drugs & pharmaceuticals, hazardous chemicals, etc. 2. Liberalisation of foreign investment :- The necessity to obtain approval for foreign investment from various government authority often caused delayed. At present FDI is...