At the beginning of the 1990s, the Indian economy experienced notable policy shifts. The new design of economic reforms was known as liberalisation, privatisation, and globalisation model or LPG. The fundamental purpose of this design was to make the Indian economy as the fastest developing economies across the globe with the abilities to complement the world’s biggest economies.
The liberalisation, privatisation, and globalisation model that was incorporated in manufacturing financial services and business targeted at boosting the nation’s economy to a more competent level. These economic reforms impacted the country’s overall economic growth notably.
Let us understand more about these theories and their outcomes.
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