Foundation Course 2 Module 1 notes on Liberalization, Privatization, and Globalization (LPG) reforms initiated in 1991, detailing their key aspects and implications for the Indian... Foundation Course 2 Module 1 notes on Liberalization, Privatization, and Globalization (LPG) reforms initiated in 1991, detailing their key aspects and implications for the Indian economy.
Understand the Problem
The text provides an overview of the Liberalization, Privatization and Globalization (LPG) reforms in India initiated in 1991, outlining their implications for the economy and specifics of the reforms undertaken, particularly focusing on the New Industrial Policy (NIP).
Answer
LPG reforms in 1991: Liberalization reduced government control, Privatization transferred ownership to private sectors, and Globalization integrated India into the global economy.
The final answer is: The LPG reforms initiated in 1991 in India focused on Liberalization to reduce government control and promote economic freedoms, Privatization to transfer ownership from the public to private sector, and Globalization to integrate India's economy with the global economy, significantly enhancing GDP growth and foreign investment inflows.
Answer for screen readers
The final answer is: The LPG reforms initiated in 1991 in India focused on Liberalization to reduce government control and promote economic freedoms, Privatization to transfer ownership from the public to private sector, and Globalization to integrate India's economy with the global economy, significantly enhancing GDP growth and foreign investment inflows.
More Information
The LPG reforms were initiated as part of a larger strategy to address the fiscal and balance-of-payments crises India faced in the early 1990s. They played a crucial role in transforming India into one of the fastest-growing economies in the world.
Tips
Students often confuse the specific goals of Liberalization, Privatization, and Globalization. Remember that Liberalization focuses on reducing state control, Privatization on increasing private sector roles, and Globalization on opening up to international markets.
Sources
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