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Question
When the LPG process was started in India?
When the LPG process was started in India?
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Solution
The correct option is C 1991
- India’s New Economic Policy was announced on July 24, 1991, known as the LPG or Liberalisation, Privatisation and Globalisation model.
- Liberalization- It refers to the process of making policies less constraining on economic activity and also reduction of tariff or removal of non-tariff barriers.
- Privatization- It refers to the transfer of ownership of property or business from a government to a privately owned entity.
- Globalization- It refers to the expansion of economic activities across political boundaries of nation-states.
- The main objective was to plunge Indian economy into the arena of “Globalization” and to give it a new thrust on market orientation.
- India’s New Economic Policy was announced on July 24, 1991, known as the LPG or Liberalisation, Privatisation and Globalisation model.
- Liberalization- It refers to the process of making policies less constraining on economic activity and also reduction of tariff or removal of non-tariff barriers.
- Privatization- It refers to the transfer of ownership of property or business from a government to a privately owned entity.
- Globalization- It refers to the expansion of economic activities across political boundaries of nation-states.
- The main objective was to plunge Indian economy into the arena of “Globalization” and to give it a new thrust on market orientation.
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