Market liberalization refers to the process of reducing government restrictions and regulations on businesses and trade. This often involves lowering tariffs, removing quotas, and allowing foreign companies to enter the market. The goal is to create a more competitive environment that can lead to lower prices, better quality products, and increased innovation. As countries embrace market liberalization, they often experience economic growth and improved living standards. For example, when a country like India opened its markets in the 1990s, it attracted foreign investment and spurred the growth of various industries, benefiting consumers and businesses alike.