What is lpg policy when formed and why formed
Answers
Answer:
In 1991, the central government came out with a new economic policy resolution. The main features of this policy are:
- Liberalization
- Privatization
- Globalization
The policy is also popularly called the LPG model of development.
Explanation:
The economy of India had undergone significant policy shifts in the beginning of the 1990s. The primary objective of the new model was to make the economy of India the fastest developing economy in the globe with capabilities that help it match up with the biggest economies of the world.
The chain of reforms that took place with regards to business, manufacturing, and financial services industries targeted at lifting the economy of the country to a more proficient level. These economic reforms had influenced the overall economic growth of the country in a significant manner.