what are the recent trends of liberalisation., privatisation, and globalization of Indian economy in different sectors also throw some light on e-commerce
Answers
Liberalization, privatization and globalization in India
In the initial years of 1990, there was an important policy change in India's economy. This new model of economic reforms is commonly known as LPG or liberalization, privatization and globalization model. The primary purpose of this model was to make the world's fastest developing economy with the capabilities of helping the world economy match the world's largest economies.
A series of reforms related to the targeted business, manufacturing and financial services industries to raise the country's economy at a more efficient level. These economic reforms had influenced the overall economic development of the country in a significant way.
Liberalization
Liberalization means reducing government rules. Economic liberalization in India shows continuous financial reforms starting from 24 July 1991.
Privatization and globalization
Personalization refers to the involvement of private entities in the business and services and the transfer of ownership in the private sector from public sector (or government). Globalization is for the integration of the world's various economies.
LPG and India's economic reform policy
After its independence on August 15, 1947, the Republic of India was stuck on socialist economic strategies. In the 1980s, the then Prime Minister of India Rajiv Gandhi introduced many economic restructuring measures. In the year 1991, the country experienced the balance of the dilemma of the Gulf War and the post-collapse of the former Soviet Union. The country had to deposit 47 tons of Gold and England Union Bank of 20 tons in the Bank of England and 20 tons. It was necessary under a recovery agreement with the IMF or International Monetary Fund. In addition, the International Monetary Fund made India essential for the sequential economic restructuring. Consequently, the then Prime Minister of India, P.V. Narasimha Rao, started economic reforms. However, the committee formed by Narasimha Rao did not implement many reforms for the International Monetary Fund.
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Explanation:
This new model of economic reforms is commonly known as LPG or liberalization, privatization and globalization model. The primary purpose of this model was to make the world's fastest developing economy with the capabilities of helping the world economy match the world's largest economies.