The primary objective of this model was to make the economy of India the fastest developing economy in the globe with capabilities that help it match up with the biggest economies of the world.
Liberalisation:
In general, the term liberalisation refers to a relaxation of previous government restrictions, usually in areas of social, political and economic policy. In some contexts this process or concept is often, but not always, referred to as deregulation. At present there are only 6 companies reserved for compulsory licensing.
Privatisation:
Privatisation on the other hand, is the process of transferring an enterprise or industry from the public sector to the private sector. The public sector is the part of the economic system that is run by government agencies. It can take three forms; (i) Ownership measures; (ii) Organisational measures; and (iii) Operational measures.
Globalisation:
Last but not the least Globalisation is a process by which businesses or other organisations develop international influence or start operating on an international scale. Globalisation intends to integrate the domestic economy of a country with the world economy. It is considered to be an important element in the reforms package. The definition of globalisation to only three components, viz., unhindered trade flows, capital flows and technology flows.
