Paper I · 6 Indian Economy & Planning · 6.1.5 Economic reforms since 1991

6.1.5.2 LPG reforms: liberalisation, privatisation and globalisation – an assessment

The New Economic Policy of 1991 opened India through liberalisation (fewer controls), privatisation (a smaller role for the State) and globalisation (integration with world markets), which raised growth but left gaps in jobs, agriculture and equity.

  • APPSC Paper I · Paper I
  • Advanced level
  • 6 min read
  • Full course

Key terms

  • LPG
  • liberalisation
  • privatisation
  • globalisation
  • Narasimham Committee
  • Chelliah Committee
  • Malhotra Committee
  • FEMA
  • WTO
  • current account convertibility
  • FDI
  • financial sector reform

What this note covers

  1. Core factsFoundation
  2. ExplainedStandard
  3. DeeperAdvanced
  4. Mains writingMains writing
  5. Common trapsFoundation
  6. Quick revisionFoundation

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