Q.______ is the result of New Industrial Policy which abolished the 'License System'.

Liberalization is the process of reducing government rules, restrictions, and controls on the economic activity of private enterprises, giving businesses greater freedom over what to produce, how much to produce, and how to price and sell it. Key measures introduced from 1991 include industrial delicensing (removing the need for a government licence before most industries can be set up or expanded), reduced restrictions on private investment, easier entry for foreign investment, tax reforms, and financial-sector reforms giving banks and c …