New Economic Policy is also popularly called ___________ model of development.

Correct option is C

The New Economic Policy of 1991 in India is commonly referred to as the LPG model of development, which stands for Liberalization, Privatization, and Globalization. This policy marked a significant shift towards a market-oriented economy.
Important Key Points:
1. Liberalization: Reduction of government restrictions and regulations in the economy.
2. Privatization: Transfer of ownership of enterprises from the public sector to the private sector.
3. Globalization: Integration of the Indian economy with the global economy.
4. Economic Reforms: Aimed to improve economic efficiency and increase growth.
5. Impact on Trade: Opened up Indian markets to foreign investment and competition.
6. Policy Shift: Move from a state-controlled economy to a market-driven one.
7. Growth and Development: Led to rapid economic growth and development.
Information Booster:
 CNG: Compressed Natural Gas, used as a fuel for vehicles.
 LNG: Liquefied Natural Gas, used for energy purposes.
 PNG: Piped Natural Gas, used for domestic and industrial consumption.
 LPG: Stands for Liberalization, Privatization, and Globalization in the context of economic policy.