Liberalization refers to the end of licence, quota and many more restrictions and controls which were put on industries before 1991. Indian companies got liberalisation by abolition of licence except in few.
-No restrictions on expansion of business activities.
-Liberalisation in import and export.
-Reduction of tax rate and lifting of unnecessary control over the economy.
-Easy and simplifying the procedure to attract foreign capital in India.
-Freedom in movement of goods and services.
-Freedom in fixing the price of goods and services.