Liberalization of trade - IN Indian context

Liberalization, in simple terms refers to the act of relaxation of pre-existing government norms and restrictions, majorly focused on social and economic frameworks and regulations. Over time, in the history of economic reforms, various nations (as well as rulers) have levied taxes and regulations to keep the economy monitored and well-structured. However owing to both self-actualization of needs, and international pressure towards a global village, countries over time lifted their constraints, or loosened the tight strings on the market policies. This paper aims at recording the various stages involved in liberalization, the cause which promotes it, its aftermath, and the change in the market place which is bought about as a result of it. The paper will focus majorly on the Indian economy and its sectors: Primary (Agriculture), Secondary (Industrial) and Tertiary (Services). The paper will also touch the import-export segment to realize the overall scenario pertaining to the lifting of the trade by-laws and the creation of a global village.