Q.Expand LPG in the context of the New Economic Policy, 1991, and state the meaning of each term in one sentence.

LPG stands for the three pillars of the 1991 reforms — Liberalisation, Privatisation, Globalisation.

LPG stands for:

1. Liberalisation — reducing government control and regulation (such as industrial licensing) over business and economic activity, freeing businesses to make more of their own production/pricing decisions.
2. Privatisation — reducing the public sector's role in the economy, including disinvestment of government shareholding in public-sector undertakings, in favour of a greater role for private business. …