Performance of Indian Economy since 1991: An Appraisal of LPG Policies
- Author Dr. Anupreeta
- DOI
- Country : India
- Subject : Commerce
Keywords : Economic policy, liberalisation, Globalisation, Privatisation, Licensing system, Foreign exchange
Abstract
The economic crisis off 1991 compelled the Indian Government to go for drastic changes in country’s economic policies. These changes were hinge upon Liberalisation (L), Privatisation (P) and Globalisation (G). These reforms are often described as the New Economic Policy or the policy of LPG. Under liberalisation various control on Indian economy were removed such as industrial licensing system and foreign exchange control. On the other hand privatisation aims at allowing more industries to set up under private sector which were previously reserved for the public sector. The aim of globalisation was to integrate the economy of the country with the economies of other countries by allowing free movement of trade, capital and persons across borders. After 26 years of economic reforms a critical appraisal of LPG policies is required. This article aims to understand the positive and negative impact of these policies on the Indian economy.
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