What is LPG? L: Liberalization, P: Privatisation and G: Globalisation
Definition of the term „
Liberalization
‟ and “Economic Liberalisation.”
The term “Liberalisation” stands for “the act of making less strict.”
Liberalisation refers to relaxation of previous government restrictions usually in areas of social and economic policies. Thus, when government liberalises trade it means it has removed the tariff, and other restrictions on the how of goods and services between countries. Liberalisation in economy stand for : The process of making policies less constraining of economic activity and also reduction of tariff or removal of non tariff barriers