Question

briefly discuss the features of LPG​

Answer 1

Answer:

LPG allows efficient cooking: LPG is easily controllable so it helps consumers to cook with desired heat or flame intensity. Density: LPG at atmospheric temperature and pressure is a gas which is 1.5 to 2.0 times heavier than air. It is readily liquefied under moderate pressure...

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Answer 2

Salient features of LPG Policy:

• Abolition of Industrial licensing/ Permit Raj
• Public sector role diluted
• MRTP limit goes
• Beginning of privatisation
• Free entry to foreign investment and technology
• Industrial location policy liberalized
• Abolition of phased manufacturing programmes for new projects
• Removal of mandatory convertibility cause
• Reduction in import tariffs
• Deregulation of markets

Outcome of the LPG reforms

Positive outcomes:

• India’s GDP growth rate increased. During 1990-91 India’s GDP growth rate was only 1.1% but after 1991 reforms GDP growth rate increased year by year and in 2015-16 it was estimated to be 7.5% by IMF.
• Since 1991, India has firmly established itself as a lucrative foreign investment destination and FDI equity inflows in India in 2019-20 (till August) stood at US$ 19.33 billion.
• In 1991 the unemployment rate was high but after India adopted new LPG policy more employment got generated as new foreign companies came to India and due to liberalisation many new entrepreneurs started companies.
• Per Capita income increased due to an increase in employment.
• Exports have increased and stood at USD 26.38 billion as of October, 2019.

Negative outcomes:

• In 1991, agriculture provided employment to 72 percent of the population and contributed 29.02 percent of the GDP. Now the share of agriculture in the GDP has gone down drastically to 18 percent. This has resulted in a lowering the per capita income of the farmers and increasing the rural indebtedness.
• Due to opening up of the Indian economy to foreign competition, more MNCs are competing local businesses and companies which are facing problems due to financial constraints, lack of advanced technology and production inefficiencies.
• Globalization has also contributed to the destruction of the environment through pollution by emissions from manufacturing plants and clearing of vegetation cover. It further affects the health of people.
• LPG policies have lead to widening income gaps within the country. The higher growth rate is achieved by an economy at the expense of declining incomes of people who may be rendered redundant.

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