NCERT Solutions for Class 11 Economics Chapter 3 Liberalization, Privatization and Globalization : An Appraisal

By introducing concept of liberalisation, privatisation and globalisation, government have revived the condition of Indian Economy. Liberalisation was introduced with an aim to put an end to those restrictions which became major hindrances in growth and development of various sectors. At the beginning of the 1990s, the Indian economy experienced notable policy shifts. The new design of economic reforms was called Liberalisation, Privatisation and Globalisation model or LPG. The fundamental purpose of this design was to make the Indian economy as the fastest developing economies across the globe with the abilities to complement the world’s biggest economies.

The Liberalisation, Privatisation and Globalisation model that was incorporated in manufacturing, financial services, and business targeted at boosting the nation’s economy to a more competent level. These economic reforms impacted the country’s overall economic growth notably.