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

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  1. Low Price Goods
  2. Labour Policy Guidelines
  3. Liquefied Petroleum Gas
  4. Liberalisation, Privatisation, Globalisation 

Answer (Detailed Solution Below)

Option 4 : Liberalisation, Privatisation, Globalisation 
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The correct answer is Liberalisation, Privatisation, Globalisation.

Key Points

  • LPG reforms were introduced in 1991 to address the economic crisis faced by India.
  • Liberalisation refers to the relaxation of previous government restrictions in areas such as trade and industry.
  • Privatisation involves transferring ownership of businesses from the public sector to the private sector.
  • Globalisation signifies the integration of the Indian economy with the global economy through trade, investment, and technology.
  • These reforms aimed at improving efficiency, productivity, and competitiveness in the Indian economy.

Additional Information

  • Liberalisation
    • It includes measures such as reducing tariffs, lifting export-import restrictions, and deregulating industries.
    • Focuses on free-market policies to stimulate economic growth.
    • Encourages foreign direct investment (FDI) to boost capital inflow.
  • Privatisation
    • Aims to reduce the fiscal burden on the government by selling state-owned enterprises.
    • Enhances efficiency by introducing market-driven management practices.
    • Promotes competition and consumer choice.
  • Globalisation
    • Encourages international trade and investment.
    • Facilitates the transfer of technology and innovation.
    • Enhances economic interdependence among countries.
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