Respuesta :
The goals of the changes were to achieve rapid economic development, lower inflation, close the current account deficit, and resolve the balance of payments issue. The three LPG—Liberalization, Privatization, and Globalization—were key components of the economic reforms.
What do reforming and the economy mean?
Deregulation, or a reduction in the scope of government operations, is a key component of economic reform. This approach is preferred over the introduction of new or expanded rules, or the expansion of government programs, to reduce market failure-related distortions.
With the new changes, India's GDP greatly expanded. Due to economic reforms, the banking industry became more competitive, facilitating the entry of private businesses. The rate of inflation decreased. The economy has grown incredibly quickly during the past 15 years, or since economic reforms were implemented in 1991. A broad range of reforms, such as those in the financial sector, greater globalization, and the expansion and deepening of product and financial markets, all contribute to this acceleration.
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