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.
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