Which of the following dates is correct with regard to the announcement of LPG model?

Correct option is B

• The LPG model (Liberalization, Privatization, and Globalization) was introduced as part of economic reforms in July 1991.
• This model aimed to overcome the balance of payments crisis and promote economic growth by reducing government intervention, encouraging private sector participation, and integrating the Indian economy with global markets.

Additional Information:

• The economic reforms of 1991 were announced by then Finance Minister Dr. Manmohan Singh under the leadership of Prime Minister P.V. Narasimha Rao.
• The reforms primarily focused on three key areas:
1. Liberalization: Reducing restrictions and regulations to encourage private businesses.
2. Privatization: Transferring ownership of public sector enterprises to private players.
3. Globalization: Opening up the economy to foreign trade and investment.
• The reforms were outlined in the New Economic Policy (NEP) of 1991, with the first budget reflecting these changes presented in July 1991.