Initiated by then-Prime Minister P.V. Narasimha Rao and Finance Minister Dr Manmohan Singh, the LPG model was a response to a severe balance-of-payments crisis.
: Focused on integrating the Indian economy with the world through reduced import tariffs, increased foreign direct investment (FDI), and improved trade policies. Key Impacts: lpgmp4
: Aimed at ending the "License Raj" by deregulating industries and removing government restrictions on social and economic policies. Initiated by then-Prime Minister P
