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    Question

    On 24th July, 1991 an India's New Economic Policy was

    introduced known as the LPG, in which L stands for?
    A Liberty Correct Answer Incorrect Answer
    B Liberalization Correct Answer Incorrect Answer
    C License Correct Answer Incorrect Answer
    D Loyalty Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    LPG stands for Liberalization, Privatization and Globalization. It was introduced on 24th July, 1991.  Liberalization ensures a relaxation from severely strict laws and rules of government.  Privatization is the complete transfer of roles and operations of publicly owned means to private ownership. Globalization is the next step forward to increase the network of trade and culture interconnecting the whole of the world.   

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