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...Class xii chapter vi economics economic reforms since module i meaning of elements new policy under liberalisation industrial sector financial fiscal external privatisation refer to a set policies directed accelerate the pace growth and development in government india initiated series pull economy out crises s these came be known as nep globalisation are three main means freedom producing units from direct or physical controls imposed by prior has several types on private enterprises domestic included licensing system price control goods import licence foreign exchange restrictions investment big business houses etc ii it was experienced that shortcomings had emerged account iii given rise corruption undue delays inefficiency iv rate gdp fallen sharply high cost rather than low competitive into being view facts considered key component greater reliance placed market forces supply demand checks include following virtually implied de regulation abolotion licencing july announced aboloshe...