WBCS.LIVE practice question

The historic Liberalisation, Privatisation, and Globalisation (LPG) reforms were introduced during which Five-Year Plan?

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. Sixth Five-Year Plan
  2. Seventh Five-Year Plan
  3. Eighth Five-Year Plan
  4. Ninth Five-Year Plan

Correct answer and explanation

Correct answer: Eighth Five-Year Plan

Explanation: āœ… Correct Answer: C) Eighth Five-Year Plan šŸ“š Explanation: The historic Liberalisation, Privatisation, and Globalisation (LPG) reforms were officially integrated during the Eighth Five-Year Plan (1992-1997). Launched under the leadership of Prime Minister P.V. Narasimha Rao and Finance Minister Manmohan Singh, this plan aimed to rescue India from a severe balance of payments crisis. It successfully transitioned the Indian economy from a closed, centrally planned system to a rapidly growing, market-oriented one.