LPG model
Tested in 2 real MPSC questions across 2 years (2017–2021). See it in context on the interactive Concept Graph →
Years it was asked
What you need to know first
Basic awareness of India's balance of payments crisis in 1991
Real questions that test this
1991 साली स्वीकारलेले नवे आर्थिक धोरण _______. The New Economic Policy adopted in 1991 was _______.
a)समाजावादावर आधारित होते / based on Socialism
b)समाजावादाच्या तत्वांशी अजिबात संबंधित नव्हते / not at all related to the principles of Socialism✓ Correct
c)समाजावादासंबंधी तटस्थ होते / indifferent to the concept of Socialism
d)समाजावादाच्या तत्त्वांची प्रशंसा करणारे होते / praised the principles of Socialism
The 1991 New Economic Policy introduced LPG (Liberalisation, Privatisation, Globalisation), moving away from state-controlled socialism towards a market-driven economy, meaning it was not at all related to socialist principles.
एल.पी.जी. चा अन्वयार्थ काय ? LPG stands for
1)लिक्विडिटी, प्रॉफिटॅबिलिटी अँड ग्रोथ / Liquidity, Profitability and Growth
2)लिबरलायझेशन, प्रायव्हटायझेशन अँड ग्रोथ / Liberalisation, Privatisation and Growth
3)लिबरलायझेशन, प्रायव्हटायझेशन अँड ग्लोबलायझेशन / Liberalisation, Privatisation and Globalisation✓ Correct
4)वरीलपैकी एकही नाही / None of the above
In the context of India's 1991 economic reforms, LPG stands for Liberalisation, Privatisation, and Globalisation.