LPG Reforms: Understanding 'P'
The "LPG reforms" refer to the major economic liberalization policies implemented in India in 1991.
The acronym LPG breaks down as follows:
- L stands for Liberalisation.
- P stands for Privatisation.
- G stands for Globalisation.
The question specifically asks what "P" signifies within these reforms. "P" represents Privatisation, which is the process of transferring ownership or management of public sector enterprises to the private sector.
Thus, "P" in LPG reforms stands for Privatisation.
Similar Questions
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- Read the below statements marked as Assertion (A) and Reason (R). Mark the correct option:
Assertion (A): In macroeconomics, treating a single commodity as representative of all goods allows simplification of aggregate analysis.
Reason (R): This is because all individual goods always behave identically under inflationary trends. - What was the primary aim of import substitution policy in India’s early planning era?
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Assertion (A): GDP doesn’t really tell the whole story when it comes to how well people in a country are actually doing.
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Important Questions from Economy
The Five Year Plan was first launched in
Which of the following was/were the feature(s) of Lenin’s New Economic Policy (NEP) for the Soviet Union?
1) Private retail trading was strictly forbidden
2) Private enterprise was strictly forbidden
3) Peasants were not allowed to sell their surplus
4) To secure liquid capital, concessions were allowed to foreign capitalists, but the State retained the option of purchasing the product of such concerns
Select the correct answer using the code given below:
Which one of the following was set as a target of average growth of GDP of India over the plan period 2012-2017 by the Approach Paper to the Twelfth Five year Plan?
In ________ economies, all productive resources are owned and controlled by the government.
Private ownership of the means of production is a feature of a _______ economy.
