Reduction in tax rates and lifting of necessary controls over the economy is a feature of this policy :

Liberalization

The correct answer is option (3) : Liberalization

Globalisation:

• Explanation: Globalization refers to the increased interconnectedness and interdependence of countries through the exchange of goods, services, information, and ideas. It involves breaking down barriers to trade and investment globally.

Disinvestment:

• Explanation: Disinvestment involves the sale or liquidation of assets by the government, often in public sector enterprises.

Liberalization:

• Explanation: Liberalization involves reducing government restrictions and controls on economic activities. It includes lowering tax rates and removing unnecessary regulations to encourage economic growth, promote competition, and attract investments.

Privatization :

• Explanation : Privatization involves transferring ownership and control of state owned enterprises to private entities.