Liberalization, Privatization and Globalization (LPG) model of development was introduced by:

Correct option is C

The correct answer is (C) Dr. Manmohan Singh

Explanation:
• The New Economic Policy (NEP) of 1991, centered around Liberalization, Privatization, and Globalization (LPG), was introduced during the tenure of Prime Minister P.V. Narasimha Rao.
• Dr. Manmohan Singh was the Finance Minister at that time and is widely credited as the chief architect of these reforms.
• The reforms were launched in response to a severe Balance of Payments (BoP) crisis and high inflation in India.
• Liberalization involved removing industrial licensing and opening sectors to the private industry.
• Privatization involved the disinvestment of public sector undertakings.
• Globalization involved integrating the Indian economy with the global economy by reducing trade barriers.

Information Booster:
• Before 1991, the Indian economy followed a model often called the "License Raj," characterized by heavy regulation and state control.
• The 1991 reforms led to a significant increase in India's GDP growth rate over the following decades.
• Dr. Manmohan Singh's 1991 budget speech is considered a landmark event in Indian economic history.

Additional Knowledge:
• Dr. P. Chidambaram (Option A): Served as Finance Minister multiple times later and introduced the "Dream Budget" in 1997-98.
• Smt. Nirmala Sitharaman (Option B): The current Finance Minister of India (as of the early 2020s), known for introducing reforms like the National Monetization Pipeline.
• Dr. Yashwant Sinha (Option D): Served as Finance Minister under the Chandra Shekhar and Atal Bihari Vajpayee governments; he presented the first budget to be delivered at 11 AM instead of the traditional 5 PM.