LPG Model — Chapter Summary
ICSE · Class 9 · Economics
Summary of LPG Model for ICSE Class 9 Economics. Key concepts: Economic reforms in India mean, The LPG Model stands and Liberalisation means.
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Overview
Economic reforms in India refer to all policy measures introduced since 1991 to improve efficiency, productivity and profitability in the economy. The LPG policy, also called the New Economic Policy or LPG Model of Growth, was introduced in 1991 under Prime Minister PV Narsimha Rao and Finance Minis
Key Concepts
Economic reforms in India mean all
Economic reforms in India mean all policy measures introduced since 1991 to improve efficiency, productivity and profitability in the economy.
The LPG Model stands for Liberalisation
The LPG Model stands for Liberalisation, Privatisation and Globalisation. It is also known as the New Economic Policy.
Liberalisation means liberating trade and industry
Liberalisation means liberating trade and industry from unwanted government controls and restrictions. It includes ending licence raj, allowing privat
Privatisation refers to any process
Privatisation refers to any process that reduces the participation of the state or public sector in economic activities and gives a greater role to pr
Globalisation means integrating the domestic economy
Globalisation means integrating the domestic economy with the world economy. It involves trade, production and financial links with other countries.
Learning Objectives
- Understand the meaning of economic reforms and the LPG Model.
- Explain the three components of LPG: Liberalisation, Privatisation and Globalisation.
- Identify the main objectives of LPG policy in India.
- Describe the measures taken under liberalisation, privatisation and globalisation.
- Explain the positive and negative impacts of these reforms on the Indian economy.
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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