Some of the merits are: preferential treatment is abolished i.e., everyone are treated alike. All employees are benefited by this scheme. No middle men are needed as the scheme reaches the employees directly. However some demerits are: there are technical problems and inefficiency in planning, Corruption increases and enormous deficits will arise.
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Merits of liberalization: It can lead to increased competition, innovation, and efficiency in industries, stimulate economic growth, attract foreign investment, and create more opportunities for consumers. Demerits of liberalization: It can result in job losses in certain sectors, widening income inequality, exploitation of labor, environmental degradation, and vulnerability to global economic shocks due to increased interconnectedness.
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