Question:
The LPG reforms introduced in India in 1991 stand for:
The LPG reforms introduced in India in 1991 stand for:
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These reforms were initiated during the Prime Ministership of P.V. Narasimha Rao, with Dr. Manmohan Singh serving as the Finance Minister.
Updated On: May 30, 2026
- Liberalisation, Privatisation, Globalisation
- Labour, Production, Growth
- Liberal Policy Governance
- Local Production Growth
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The Correct Option is A
Solution and Explanation
Step 1: Understanding the Concept:
In 1991, India shifted from a closed, controlled economy to an open, market-oriented economy through a set of policies known as the New Economic Policy (NEP).
Step 2: Detailed Explanation:
• L - Liberalisation: Ending the "License Raj" and reducing government control over the private sector.
• P - Privatisation: Increasing the role of private capital and reducing the dominance of Public Sector Undertakings (PSUs).
• G - Globalisation: Opening the economy to foreign investment (FDI) and international trade.
Step 3: Final Answer:
LPG stands for Liberalisation, Privatisation, and Globalisation.
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