The new economic policy consisted of liberalisation, globalisation and privatisation.

Employees do not characterise the business environment.

With banning of 500 and 1000 notes the country moved one step towards digitalisation.

Two economic factors that influence the business environment are :

1. Money supply in the economy

2.Planned outlay of government expenditure

Freedom in fixing prices of goods and services and the reduction in sales tax rates is Liberalisation. 

Life expectancy is an example of social environment.

The four major dimensions of business enviornment are:

1. Economic

2. Social

3. Political

4. Legal

The following components are included in political environment of business:

1. Political System

2. Constitutional Framework

Globalisation is the term used to describe the process of removal of the restriction on foreign trade and investment .

Relaxing the restrictions and controls imposed on business and industry means liberalisation.