In July 1991 the minority government of P.V. Narasimaha Rao opend the economy.

Dismantled import controls, lowered customs duties, and devalued the currency, virtually abolished licensing controls on private investment, dropped tax rates, and broke public sector monopolies.

Better service to consumers: After liberalisation, the consumerism improved in India. The Supply of quality goods improved and the monopolistic condition for many companies had gone up.

The best of worlds companies in the world are coming to india with their products. Now consumers have more choices for the products and services.

As the monopoly was abolished there were many players in the market which had created competition which resulted in offering low price products in order to attract more and more customers.

As there is freedom of trade many foreign players coming into the market and also the domestic private sector companies started their operation which had created employment opportunity.

As because of deregulation policies exporters and importers got the opportunity to trade world wide. This also resulted in making the Balance of payment better and developing the whole economy.

An efficient services infrastructure is a precondition for economic success. Services such as telecommunications, banking, insurance and transport supply strategically important inputs for all sectors, goods and services.

Access to world-class services helps exporters and producers in developing countries to capitalize on their competitive strength, whatever the goods and services they are selling. A number of developing countries have also been able, building on foreign investment and expertise, to advance in international services markets from tourism and construction to software development and health care. Services liberalization has thus become a key element of many development strategies.

There is strong evidence in many services, not least telecoms, that liberalization leads to lower prices, better quality and wider choice for consumers. Such benefits, in turn, work their way through the economic system and help to improve supply conditions for many other products.

with liberalized services market have seen greater product and process innovation. Because of innovations new products and services were introduced which had never seen before.

This gives everyone with a stake in the sector producers, investors, workers and users a clear idea of the rules of the game. They are able to plan for the future with greater certainty, which encourages long-term investment.