Q.Expand LPG in the context of the 1991 economic reforms.

This is a standard short-answer item testing recall of the LPG acronym central to the 1991 reforms. …

In the context of India's economic reforms, LPG is an acronym for the three interconnected policy strands introduced through the New Economic Policy of 1991: Liberalisation (reducing government controls and licensing requirements on economic activity), Privatisation (reducing the role of state ownership in production, mainly through disinvestment in public sector undertakings), and Globalisation (integrating the domestic economy with the world economy through freer trade, investment, and capital flows). …

Students sometimes list the components in the wrong order or confuse 'privatisation' (reducing state ownership) with 'liberalisation' (reducing sta …