Discussion
In which year the scheme of Liberalisation, Privatisation and Globalisation was started in the Indian economy?
Answer: A
The new economic policy of liberalisation, privatisation and globalisation (LPG) was begun in India in 1991, in the time of Prime Minister P. V. Narasimha Rao and Finance Minister Manmohan Singh, in response to a balance of payments crisis. It dismantled much of the licence raj, reduced import duties and opened many sectors to private and foreign investment. The years 1993, 1994 and 1996 are later years of the reform process, and they are not the start. The answer is 1991, option A.
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