LPG model of the Indian Economy was fully implemented in the Eighth Five Year plan.
The Eighth plan envisaged an annual average growth rate of 5.6% but the real growth rate was 6.8%.
Which of the statements given above is/are correct?
Options:
A . only 2
B . Both 1 and 2
C . only 1
D . Neither 1 nor 2
Answer: Option B Answer: (b) The economy of India had undergone significant policy shifts at the beginning of the 1990s at the time of the eighth plan. This new model of economic reforms is commonly known as the LPG or Liberalization, Privatization and Globalization model. LPG model of economic development in India was proposed by Dr Manmohan Singh, economist and finance minister at that time. Moreover, the Eighth plan envisaged an annual average growth rate of 5.6% but the real growth rate was 6.8%.
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