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Economic Reforms and Globalization-Impact on India
What year did India initiate its landmark economic liberalization reforms?
India launched its landmark economic liberalization reforms in 1991, under Finance Minister Manmohan Singh, in response to a severe balance of payments crisis.
What was the fiscal deficit of India as a percentage of GDP that prompted the 1991 crisis?
Fiscal deficit exceeded 8 percent of GDP in 1990-91.
What does the term 'LPG reforms' stand for in the context of India's 1991 economic policy shift?
LPG stands for Liberalization, Privatization, and Globalization — the three pillars of India's 1991 economic reform package aimed at integrating India into the global economy.
Which international institution provided a balance of payments support loan to India in 1991?
The IMF provided a structural adjustment loan to India in 1991.
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