Question

WHAT IS LPG in economics, and plz explain it

Answer 1

Liberalisation, privatisation, globalisation
Liberalisation of the economy means its freedom from direct or physical controls imposed by the govt.
Privatisation means it is the general process of involving private sector in the ownership or operation of a stated owned enterprise.
Globalisation means it can be defined as a process associated with increasing openness, growing economic interdependence and deepening economic integration in the world economy.

Answer 2

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$\mathfrak{\blue{Q.}}$What is LPG in economics?

$\mathfrak{\blue{Ans.}}$The economy of India had undergone significant policy shifts in the beginning of the 1990s. This new model of economic reforms is commonly known as the LPG or Liberalization, Privatization and Globalization model.

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