Question

What does LPG stand for in the context of India's economic reforms?

• A. Liberalisation, Privatisation, Globalisation
• B. Labour Policy Guidelines
• C. Liquefied Petroleum Gas
• D. Low Price Goods

Answer 1

Answer:

A. Liberalisation, Privatisation, Globalisation

In the context of India's economic reforms, LPG stands for Liberalization, Privatization, and Globalization. LPG stands for Liberalization, Privatization, and Globalization. India under its New Economic Policy approached International Banks for the development of the country. The policy of liberalization, privatization, and globalization was announced as New Economic Policy by Prime Minister Narsimha Rao. These agencies asked the Indian Government to open its restrictions on trade done by the private sector and between India and other countries. Indian Government agreed to the conditions of lending agencies and announced New Economic Policy (NEP) which consisted wide range of reforms.