Suresh is an entrepreneur. Before 1990, for setting up an industry, he required license from the government. Now, after the New Economic Policy 1991, he does not need any license. What would you call this process.

Liberalisation

The correct answer is Option (4) → Liberalisation

The process described, where Suresh no longer requires a license from the government to set up an industry after the New Economic Policy of 1991, would be termed as Liberalisation. Liberalisation involves reducing government restrictions and regulations on economic activities, including the removal of licensing requirements for industries, which allows for more free market dynamics and increased participation of private enterprises.