Before 1990, in India, to start any business one needed to take a license from the government. However, after 1991, there is an ease in the starting of new business and foreign investment. What would you call this process?

Liberalisation

The correct answer is Option (1) → Liberalisation

Before 1991, India's economy was highly regulated under a system often referred to as the "License Raj," where a government license was required for businesses to operate, expand, or diversify. After 1991, as part of a series of major economic reforms, the government introduced liberalisation by easing these restrictions, dismantling the License Raj, and opening the economy to greater private and foreign investment. This shift aimed to stimulate economic growth and integrate India with the global market.