Assertion: Liberalization reforms were introduced in India to remove restrictions and open up various sectors of the economy.

Reason: The existing rules and laws aimed at regulating economic activities were hindering the process of growth and development.

Both Assertion (A) and reasoning (R) are correct and R is the correct explanation of A.

Both the Assertion and Reason are true, and the Reason is the correct explanation of the Assertion.

The Assertion states that liberalization reforms were introduced to remove restrictions and open up various sectors of the economy, which is true. The Reason explains that the existing rules and laws aimed at regulating economic activities were hindering growth and development, providing the rationale for the need to introduce liberalization reforms.