LPG Model — Flashcards

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The LPG Model is the policy of Liberalisation, Privatisation, and Globalisation introduced in India since 1991 to improve efficiency, productivity, and profitability in the economy.

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Economic reforms in India refer to all policy measures introduced since 1991 to improve the level of efficiency, productivity, and profitability in the economy. They form the basis of the New Economic…

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The New Economic Policy was introduced by the Government of India under Prime Minister PV Narsimha Rao and Finance Minister Manmohan Singh.

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The main objectives were to make the economy competitive, accelerate growth, make production units more efficient and productive, use global resources for development, rationalise the role of public e…

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Liberalisation means liberating trade and industry from unwanted government controls and restrictions. It reduces direct control and makes business activity easier.

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Liberalisation was introduced to increase foreign investment, bring competitiveness in industrial production, encourage technological advancement, and make Indian goods more competitive in the interna…

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Trade barriers are policies that restrict free trade to protect domestic industries and producers from foreign competition. Import duty and quotas are examples of trade barriers.

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Special Economic Zones provide world-class infrastructure to foreign companies and offer tax relaxation for an initial period of 5 years. They are part of liberalisation measures.