Step 1: Sort each option by the domain it belongs to:
Panchayati Raj - governance; Liberalisation - economy; National Education Policy - education; Biological inheritance - biology/genetics.
Step 2: Pick the economic-domain option:
Only Liberalisation falls under economic policy, being part of the LPG (Liberalisation-Privatisation-Globalisation) reforms of 1991.
Final Answer:
Liberalisation (Option B)