Step 1: Start from the 1991 reform trigger:
Facing a severe balance-of-payments crisis in 1991, India dismantled many industrial licensing controls and opened key sectors to private and foreign capital.
Step 2: Trace the downstream benefits:
This unleashed entrepreneurial energy, attracted multinational investment, modernised industries through technology transfer, and, over time, lifted millions out of poverty via job creation in new sectors.
Final Answer:
Liberalisation's benefits include higher growth, foreign investment inflows, technological modernisation, more consumer choice, and expanded job opportunities, particularly in services and IT.