New Industrial Policy of India, 1991 is based on

Correct option is D

The correct answer is (d) All of the above

Explanation:

• The New Industrial Policy of 1991 fundamentally restructured the Indian economy by adopting the LPG Model (Liberalization, Privatization, and Globalization).
• Liberalization aimed to dismantle the restrictive 'License Raj', removing barriers to entry and expansion for businesses.
• Privatization involved reducing the role of the public sector and promoting private ownership by divesting government stakes in public enterprises.
• Globalization integrated the Indian economy with the world economy by easing foreign direct investment (FDI) and reducing tariffs.

• The policy was introduced by the government of Prime Minister P.V. Narasimha Rao on July 24, 1991.
• The chief architect behind these pivotal economic reforms was the then Finance Minister, Dr. Manmohan Singh.
• It successfully rescued India from a severe Balance of Payments (BoP) crisis.

• liberalization (Option A)
  It is a correct component but incomplete as a standalone answer.
• privatization (Option B)
  It represents the structural shift in ownership but only covers one pillar of the policy.
• globalization (Option C)
  It signifies opening up the economy but ignores domestic deregulations.