Question

Which of the following is included in Indian economic reforms ?

• A. Liberalization
• B. Privatization
• C. Globalization
• D. All of these

Hint:

The acronym LPG (Liberalization, Privatization, Globalization) is the key to remembering the core components of India's 1991 economic reforms.

Answer 1

The Correct Option is D

Step 1: Understanding the Concept:
The question refers to the New Economic Policy (NEP) introduced in India in 1991 to deal with a severe economic crisis.

Step 2: Detailed Explanation:
The economic reforms of 1991 are popularly known as the LPG reforms, which stands for: \[\begin{array}{rl} \bullet & \text{Liberalization: The process of reducing government controls, regulations, and restrictions on the economy to encourage private enterprise.} \\ \bullet & \text{Privatization: The process of transferring ownership and management of public sector enterprises to the private sector.} \\ \bullet & \text{Globalization: The process of integrating the Indian economy with the global economy, involving freer flow of trade, capital, and technology.} \\ \end{array}\] Since all three were the pillars of the 1991 reforms, the correct answer is "All of these".

Step 3: Final Answer:
Liberalization, Privatization, and Globalization are all part of the Indian economic reforms.