Subject: Economics
Book: Comprehensive Indian Economy
In 1991, India faced a severe balance of payments crisis that triggered sweeping reforms known as Liberalization, Privatization, and Globalization (LPG). These reforms dismantled the license-quota system, opened markets to foreign investment, devalued the rupee for export competitiveness, and paved the way for private sector efficiency. The goal was to integrate India with the global economy and revive growth by reducing state controls. Exam-oriented insights include the reasons for the crisis, specifics of structural adjustment policies, and the impact on sectors like banking, trade, and manufacturing over subsequent decades.
What is the term for the ability of an economy to produce more output from the same inputs?
View QuestionWhat does “Laissez-faire” policy advocate?
View QuestionWhich of the following measures is most effective in controlling inflation?
View QuestionWhat is “currency devaluation”?
View QuestionWhat does the term "depreciation" refer to in the context of assets?
View QuestionWhich term refers to an economy that has elements of both capitalism and socialism?
View QuestionWhat is meant by “liquidity trap”?
View QuestionWhat is meant by “credit rating”?
View QuestionWhat does “inclusive banking” mean?
View QuestionWhat is “inclusive growth”?
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