Liberalization, Privatization and Globalization in India

Liberalisation refers to the slackening of government regulations. The economic liberalisation in India denotes the continuing financial reforms which began since July 24, 1991.

Privatisation and Globalisation

Privatisation refers to the participation of private entities in businesses and services and transfer of ownership from the public sector (or government) to the private sector as well. Globalisation stands for the consolidation of the various economies of the world


Highlights of the LPG Policy

Given below are the salient highlights of the Liberalisation, Privatisation and Globalisation Policy in India:

• Foreign Technology Agreements
• Foreign Investment
• MRTP Act, 1969 (Amended)
• Industrial Licensing
• Deregulation
• Beginning of privatisation
• Opportunities for overseas trade
• Steps to regulate inflation
• Tax reforms
• Abolition of License -Permit Raj