Paper - GS3 
Subject - Indian Economy 

The Liberalization, Privatization, and Globalization (LPG) reforms of 1991 marked a paradigm shift in India’s economic policy, spearheaded by leaders like Dr. Manmohan Singh. Critically analyze the impact of these reforms on India’s economic growth, social equity, and global positioning.

प्रश्न. 1991 के उदारीकरण, निजीकरण और वैश्वीकरण (एलपीजी) सुधारों ने भारत की आर्थिक नीति में एक आदर्श बदलाव को चिह्नित किया, जिसका नेतृत्व डॉ. मनमोहन सिंह जैसे नेताओं ने किया। भारत के आर्थिक विकास, सामाजिक समानता और वैश्विक स्थिति पर इन सुधारों के प्रभाव का आलोचनात्मक विश्लेषण करें
(250 words)

Structure of Answer

Introduction

•  Briefly describe the economic crisis of 1991 that necessitated the LPG reforms (foreign exchange reserves crisis, high fiscal deficit, balance of payments crisis).
• State the primary goals of the reforms — stabilize the economy, promote economic growth, and integrate with the global econom

Body

 Highlight the positive and negative aspect of - 

• Impact on Economic Growth
• Impact on social equity
• Impact on global positioning

Conclusion

• Summarize the dual impact of LPG reforms — a transformative phase for India's economy but with significant challenges in inclusivity and sustainability.