Who introduced the LPG model of development in 1991?
Answers
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The LPG model of development introduced by Prime Minister P. V. Narasimha Rao and his then-Finance Minister Dr. Manmohan Singh.
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The government of India introduced the LPG model.
After India gained independence in the year 1947 the economy was conflicted with a large number of problems.
The government needed to solve the issues.
The government decided to use the LPG model in solving these problems.
L stands for liberalization, P for privatization and G for Globalisation.
Liberalization is ensuring the economy is free in entering a market and operate.
Privatization is the scenario where control over the economy is shifted to private from public and globalization means a scenario where the network, communication, technology makes the entire world work together.