Which set of reforms formed the core of India’s New Economic Policy introduced in 1991 ?
Liberalisation, Privatisation and Globalisation
In July 1991, facing a severe balance-of-payments crisis, the government of P.V. Narasimha Rao with Finance Minister Manmohan Singh introduced the New Economic Policy, which moved India away from the licence-permit raj and a state-dominated economy.
Its three pillars are known by the acronym LPG: liberalisation (abolishing most industrial licensing and easing controls), privatisation (disinvestment and a larger role for the private sector, with fewer industries reserved for the public sector) and globalisation (lower import tariffs, rupee devaluation and opening to foreign direct investment and trade).
Nationalisation, regulation, protectionism and centralisation describe the earlier planned, inward-looking model that the 1991 reforms dismantled, so every combination containing them is wrong; localisation was never part of the reform agenda.
Liberalisation, Privatisation and Globalisation option is correct.
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