Saturday, 3 November 2012
LPG - IN A NUTSHELL
The
economy of India had undergone significant policy shifts in the
beginning of the 1990s. This new model of economic reforms is commonly
known as the LPG or Liberalization, Privatization and Globalization
model. The primary objective of this model was to make the economy of
the seventh largest country in the world the fastest developing economy
in the globe with capabilities that help it match up with the biggest
economies of the world. The
chain of reforms that took place with regards to business,
manufacturing, and financial industries targeted at lifting the economy
of the country to a more proficient level. These economic reforms had
influenced the overall economic growth of the country in a significant
manner.
Dr.
Manmohan Singh, the present Prime Minister of India, was then the
Finance Minister of the Government of India. He assisted P.V. Narasimha
Rao and played a key role in implementing these reform policies.
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