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.
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 :
Asked in UPSC SO Steno 2018 · Topic: Nature of Indian Economy (Evolution from Planned to Market-Oriented Economy)
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