The aim of lpg model of the government was to promote industrialization economic growth explain
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Answer:
LPG stands for Liberalization, Privatization, and Globalisation. LPG model is very important to promote the Indian economy and the growth of Industrialization.
• The Indian economy was not good after we got freedom. So the Indian government decided to follow the LPG model for their economic growth.
• Liberalization gives a way to enter economics into the market and help to establish their investment in the country.
• After liberalization, India became the 7th largest economies in the world.
• Privatization means when the control of economies is shifted from the public to private sectors.
• Privatization helps to develop the Indian economy faster than previous. This situation leads to India become the fastest developing country in the world.
• Globalization is the process of our economy established and integrated through a global network.
• That means the Indian economy and industrialization spread all over the world.
• These economic policies had influenced the overall growth of the economy and the industrialization of our country in a significant manner.
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