What is LPG

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What is LPG

Posted by Ankit Rajput 7 years, 7 months ago

CBSE > Class 11 > Economics

1 answers

Amar Kumar 7 years, 7 months ago

This new model of economic reforms is commonly known as the LPG or Liberalisation, Privatisation and Globalisation model.

The primary objective of this model was to make the economy of India the fastest developing economy in the globe with capabilities that help it match up with the biggest economies of the world.

Liberalisation refers to the slackening of government regulations. The economic liberalisation in India denotes the continuing financial reforms which began since July 24, 1991.

Privatisation refers to the participation of private entities in businesses and services and transfer of ownership from the public sector (or government) to the private sector as well.

Globalisation stands for the consolidation of the various economies of the world.

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CBSE > Class 11 > Economics