Question
Download Solution PDFWhat does LPG stand for in the context of India's economic reforms?
This question was previously asked in
RPF Constable 2024 Official Paper (Held On 03 Mar, 2025 Shift 1)
Answer (Detailed Solution Below)
Option 4 : Liberalisation, Privatisation, Globalisation
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RPF Constable Full Test 1
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Download Solution PDFThe 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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