In the context of LPG reforms in India, the growth of GDP increased from 5.6% during 1980-1991 to _____ during 2007-2012.
Show answer & explanation
Correct answer: C
Explanation
Correct Answer: Option 3 (8.2%)
Explanation:
India's economic growth accelerated significantly after the LPG (Liberalization, Privatization, and Globalization) reforms of 1991. The average annual GDP growth rate was 5.6% during 1980–1991, which increased to 8.2% during 2007–2012 (the 11th Five-Year Plan). This was a result of the positive impact of the reforms and the integration of the Indian economy with global markets.
Additional Facts
LPG stands for: L (Liberalization), P (Privatization), and G (Globalization).
Emergent Leadership: These reforms were implemented in 1991 by then Prime Minister P.V. Narasimha Rao and Finance Minister Dr. Manmohan Singh.
12th Plan: The growth target was set at 8% during 2012–2017.
Possible questions for the upcoming exam
Who was India's Finance Minister during the 1991 economic reforms? (Answer: Dr. Manmohan Singh)
In which year was the 'New Economic Policy' implemented in India? (Answer: 1991)
What was the time period of the 11th Five-Year Plan? (Answer: 2007-2012)