The New Economic Policy (NEP) of 1991 marked a historic turning point in India's economic development. Before 1991, the Indian economy followed a mixed economic model with a dominant role of the public sector, extensive government control over industries, high import tariffs, industrial licensing, and strict foreign exchange regulations. Although this model helped establish a strong industrial base after independence, by the late 1980s the economy suffered from low productivity, high fiscal deficits, increasing external debt, declining foreign exchange reserves, and slow economic growth. In 1991, India faced a severe balance of payments crisis, with foreign exchange reserves falling to levels sufficient to finance only a few weeks of imports. Under these circumstances, the Government of India, led by Prime Minister P. V. Narasimha Rao and Finance Minister Dr. Manmohan Singh, introduced the New Economic Policy to stabilize the economy and initiate structural reforms. The New Economic Policy was based on three major pillars: Liberalization, Privatization, and Globalization (LPG). These reforms aimed to increase economic efficiency, encourage private enterprise, attract foreign investment, and integrate India with the global economy. Liberalization referred to the removal or relaxation of government controls over economic activities. Before 1991, industrial licensing was compulsory for most industries, making it difficult for entrepreneurs to establish or expand businesses. The NEP abolished industrial licensing for most sectors, thereby reducing bureaucratic hurdles and encouraging private investment. Restrictions on capacity expansion were removed, and businesses were given greater operational freedom. Price controls on many products were also relaxed, allowing market forces to determine prices. Financial sector reforms improved the efficiency of banking institutions and capital markets. Interest rates gradually became market-oriented, and reforms strengthened the Reserve Bank of India's regulatory role. Privatization was another important component of the New Economic Policy. The government sought to reduce the burden of loss-making public sector enterprises by promoting private sector participation. Disinvestment of government shares in public sector undertakings was initiated to improve efficiency and generate revenue. Several sectors previously reserved exclusively for the public sector, such as telecommunications, civil aviation, and power generation, were gradually opened to private companies. The objective was not only to reduce government expenditure but also to promote competition, innovation, and better customer services. Globalization aimed to integrate the Indian economy with the global market. Trade barriers such as import licensing and high customs duties were reduced. The Indian rupee was devalued in 1991 to improve export competitiveness. Foreign Direct Investment (FDI) policies were liberalized, allowing foreign companies to invest in various sectors. Foreign technology agreements became easier, enabling Indian firms to access advanced technologies. India also adopted policies consistent with the World Trade Organization (WTO), encouraging international trade and investment. The New Economic Policy introduced significant fiscal and monetary reforms. The government reduced fiscal deficits through expenditure control and tax reforms. The tax system was simplified by reducing tax rates and broadening the tax