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In India, which set of policy measures introduced in 1991 is commonly described as the 'LPG' reforms that opened the economy to globalisation?
LPG stands for Liberalisation, Privatisation and Globalisation. These were the core elements of India's 1991 economic reforms, which dismantled licensing, reduced trade and investment barriers, encouraged private sector participation and integrated the Indian economy with the world economy.
- ALiberalisation, Privatisation and GlobalisationCorrect
- BLicensing, Protection and Growth
- CLocalisation, Planning and Globalisation
- DLiberalisation, Planning and Government control
Explanation
The 1991 reforms are summarised as Liberalisation, Privatisation and Globalisation. They reduced licensing, eased trade and investment restrictions and encouraged private participation. The other options do not name the reform package.
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