Question

What were the reasons for adopting LPG policies at the time of Independence of our country?

Answer 1

After Independence in 1947 Indian government faced a major problem to develop economy and to solve the issues. Considering the issues pertaining at that time government decided to follow LPG Model. The Growth Economics conditions of India in that time were not very good. This was because it did not have proper resources for the development, not in terms of natural resources but in terms of financial and industrial development. At that time India needed the path of economics planning and for that used ‘Five Year Plan’ concept of which was taken from Russia and feet that it will provide a fast development like that of Russia, under the view of the socialistic pattern society. India had practiced a number of restrictions ever since the introduction of the first industrial policy resolution in 1948.

Liberalization is defined as making economics free to enter in the market and establish their venture in the country. Privatization is defined as when the control of economic is sifted from public to a private hand. Globalization is described as the process by which regional economies, societies, and cultures have become integrated through a global network of communication, transportation, and trade.

Answer 2

Answer:

region if adopting LPG policies at the time of independence of our country is