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Licensing for imports and experts defines nature significance; management goal-oriented, continuous, pervasive.
Ref: NCERT Business Studies Class XII Chapter 1 Nature and Significance of Management defines management functions characteristics clearly explained.
Passage supports 'July 1'; text explicitly states this. Answer matches.
Ref: NCERT Class 10 English reading comprehension guide answers must be directly supported by passage details central theme explicit statements.
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