Match List-I with List-II.

Choose the correct answer from the options given below :

(A)-(III), (B)-(I), (C)-(IV), (D)-(II)

The correct answer is option (3) : (A)-(III), (B)-(I), (C)-(IV), (D)-(II)

1. Liberalisation : The economic reforms that were introduced were aimed at liberalising the Indian business and industry from all unnecessary controls and restrictions. They signalled the end of the licence-permit-quota raj.

2. Privatisation: The new set of economic reforms aimed at giving greater role to the private sector in the nation building process and a reduced role to the public sector. This was a reversal of the development strategy pursued so far by Indian planners. a

3. Globalisation: Globalisation means the integration of the various economies of the world leading towards the emergence of a cohesive global economy. Till 1991, the Government of India had followed a policy of strictly regulating imports in value and volume terms.

4.Legal Environment: Legal environment includes various legislations passed by the Government administrative orders issued by government authorities, court judgments as well as the decisions rendered by various commissions and agencies at every level of the government.