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 significance of “Purchasing Power Parity” (PPP)?
View QuestionWhat does the “Phillips Curve” show?
View QuestionWhat is the main aim of Public Distribution System (PDS) in India?
View QuestionWhat does the term “capital account” refer to in the balance of payments?
View QuestionWhich of the following is an example of a public sector undertaking (PSU) in India?
View QuestionWhich of the following is a characteristic of “perfect competition”?
View QuestionWhich term refers to an economy that has elements of both capitalism and socialism?
View QuestionWhich is the largest source of tax revenue for the Government of India?
View QuestionWhat is meant by “credit rating”?
View QuestionWhat is the objective of the Goods and Services Tax (GST)?
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