Question
Explain the doctrine of liberalization, privatization, and globalization with reference to India.
Answer :
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The doctrine of Liberalization, Privatization, and Globalization (LPG) refers to a set of economic reforms introduced to transform an economy from a highly regulated and state-controlled system to a more market-oriented and globally integrated one. In India, these reforms were introduced in 1991 in response to a severe balance of payments crisis, high fiscal deficits, rising inflation, and declining foreign exchange reserves. Under the leadership of Prime Minister P. V. Narasimha Rao and Finance Minister Dr. Manmohan Singh, India adopted the LPG policy to accelerate economic growth, improve efficiency, and integrate with the global economy. Liberalization refers to the removal or relaxation of government restrictions and controls on economic activities. Before 1991, India's economy was characterized by the License Raj, where industries required multiple licenses and approvals for production, expansion, and investment. Liberalization reduced these regulations by abolishing industrial licensing for most sectors, simplifying procedures, reducing tariffs, easing import restrictions, and allowing greater competition. Financial sector
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