The process of reforms in India has to be completed via which of the f

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The process of reforms in India has to be completed via which of the following processes ?

  • 1. Liberalisation
  • 2. Privatisation
  • 3. Globalisation

Select the correct answer using the code given below :

1 and 2 only
2 and 3 only
1 and 3 only
1, 2 and 3
This question was previously asked in
UPSC SO-Steno – 2018
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The process of reforms in India includes Liberalisation, Privatisation, and Globalisation.
The major economic reforms initiated in India in 1991 are commonly referred to as the LPG reforms, standing for Liberalisation, Privatisation, and Globalisation. Liberalisation involved removing restrictions on economic activity, Privatisation involved reducing the role of the state in the economy by selling public sector undertakings, and Globalisation involved integrating the Indian economy with the global economy. All three are considered integral components of India’s reform process.
These reforms were undertaken in response to a severe economic crisis and marked a significant shift in India’s economic policy, moving away from a more protectionist and state-controlled model towards a market-oriented economy.

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