35 Years of LPG Reforms | How India’s Economy Changed Since 1991| Latest Update |Drishti IAS English

For admission to the IAS GS Foundation Course, click on the link:https://drishti.xyz/upsc-course-yt-eng IAS Mains Courses: https://drishti.xyz/ias-mains-yt-ias-... NCERT Course: https://drishti.xyz/ncert-yt-ias-english , IAS Prelims Courses:https://drishti.xyz/ias-prelims-yt-ia... IAS Optional Courses: https://drishti.xyz/optional-yt-ias-e... To get the PDF, subscribe to our Telegram channel: https://drishti.xyz/Drishti-IAS-Engli... ************************************************************************** India’s 1991 LPG Reforms marked one of the biggest turning points in the history of the Indian economy. Thirty-five years after the introduction of Liberalisation, Privatisation and Globalisation, India has transformed from an economy struggling with a severe Balance of Payments crisis into one of the world’s major economies. But what exactly changed after 1991, and what challenges still remain? On 24 July 1991, then Finance Minister Dr Manmohan Singh presented a landmark Budget against the backdrop of a deep economic crisis. India’s foreign exchange reserves had fallen to critically low levels, international confidence had weakened, and the country was struggling to finance essential imports. During the crisis, the Reserve Bank of India pledged 46.91 tonnes of gold abroad to raise emergency foreign exchange. The reforms introduced during this period reduced industrial licensing, lowered trade barriers, encouraged private-sector participation, opened several sectors to foreign investment and gradually integrated India with the global economy. The New Industrial Policy of 1991 also marked a decisive shift away from the Licence Raj and towards greater competition and market-oriented economic policies.   For UPSC aspirants, 35 Years of LPG Reforms is highly relevant for Indian Economy, Economic Reforms, Balance of Payments, Industrial Policy, Foreign Direct Investment, Globalisation, Fiscal Policy and UPSC Mains GS Paper 3. In this video, we explain why India introduced the LPG Reforms in 1991, the economic crisis that triggered them, the role of Dr Manmohan Singh and the P. V. Narasimha Rao government, the meaning of Liberalisation, Privatisation and Globalisation, how India’s economy has changed over the last 35 years, and the major challenges that remain. ************************************************************************** 𝐋𝐢𝐧𝐤𝐬 𝐨𝐟 𝐘𝐨𝐮𝐓𝐮𝐛𝐞 Important 𝐏𝐥𝐚𝐲𝐥𝐢𝐬𝐭𝐬- 1. Latest Update: https://drishti.xyz/Latest-Update 2. NCERT Foundation Series: https://drishti.xyz/NCERT-Foundation-... 3. How to Prepare Optional: https://drishti.xyz/How-to-Prepare-Op... 4. Optional Subject Demo Classes: https://drishti.xyz/Optional-Subject-... 5. UPSC Mock Interview 2024: https://drishti.xyz/UPSC-2024-Mock-In... 6. IAS Toppers Talk 2024: https://drishti.xyz/Toppers-Talk-2024... 7. Voices of the Revolution: https://drishti.xyz/Voices-of-the-rev... ************************************************************************* Our Key Courses: 1. GS Foundation Courses: https://drishti.xyz/GS-foundation-Onl... 2. GS Studio Foundation Course (Hindi): https://drishti.xyz/GS-Studio-Foundat... 3. GS Studio Foundation Course (Hinglish): https://drishti.xyz/gs-studio-foundat... 4. GS Studio Foundation Course (English): https://drishti.xyz/GS-Studio-Foundat... 5. NCERT Online Courses: https://drishti.xyz/NCERT-Online-Courses 6. UPSC Optional Subjects Online Courses: https://drishti.xyz/UPSC-Optional-Sub... 7.IAS Prelims 2026 Online Courses: https://drishti.xyz/IAS-Prelims-2026-... 8. IAS Mains 2026 Online Courses: https://drishti.xyz/IAS-Mains-2026-On... 9. Current Affairs (Prelims + Mains) IAS 2026 Online Courses: https://drishti.xyz/UPSC-Current-Affa... 10. UPSC Prelims 2026 Test Series: https://drishti.xyz/IAS-Prelims-2026-... 11. UPSC Mains 2026 Test Series: https://drishti.xyz/IAS-Mains-2026-Te... ************************************************************************* 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐃𝐫𝐢𝐬𝐡𝐭𝐢 𝐋𝐞𝐚𝐫𝐧𝐢𝐧𝐠 𝐀𝐩𝐩 𝐧𝐨𝐰 : IOS: https://drishti.xyz/DLA-IOS Android : https://drishti.xyz/DLA-Android Windows : https://drishti.xyz/DLA-Windows =̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵=̵ 𝐅𝐨𝐥𝐥𝐨𝐰 𝐮𝐬 𝐨𝐧 𝐬𝐨𝐜𝐢𝐚𝐥 𝐦𝐞𝐝𝐢𝐚 : https://drishti.xyz/SocialMedia-YT #LPGReforms  #LPG #EconomicReforms1991 #35YearsOfLPGReforms #IndianEconomy #Liberalisation #Privatisation #Globalisation #ManmohanSingh #Reforms #Economy1991 #BOP #EconomicLiberalisation #UPSCCurrentAffairs #DrishtiIASEnglish #CurrentAffairs #UPSC2027 #UPSC #UPSCPrelims #UPSCMains #GS3 #EconomyForUPSC #FDI #GlobalisationUPSC #LatestUpdate#UPSCPreparation | #CivilServicesExam | #IASPreparation | #UPSCMotivation | #CurrentAffairs | #upscmains