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“Economic reforms changed ‘LQP’ to ‘LPG’.” Comment. 

Dear student, 

Prior to reforms, in the industrial sector there prevailed a system of ' liscensing, quotas and permits'.
The private sector in the industries were subject to licensing. This meant that they could operate only after obtaining license from the government. Moreover, licence was required for the expansion of existing industries. In addition to this, the number of sectors in which the private sector could operate was fixed. There were certain industries that were exclusively reserved for the government sector. In a similar manner, there prevailed the system of permits in the import sector. There were various restrictions on the import of capital goods from other countries.

As against this, post reforms, the government came up with the policies of 'Liberalisation, Privatisation and Globalisation'. As a part of reforms the system of licesnsing was abolished. The private sector could open up industries without the requirement of license. Similarly, the policy of reservation or quotas was greatly reduced with only three industries under the exclusive purview of the government. In a similar manner, freedom was granted in the import of capital goods from other industries. 

Thus, we say that Economic reforms changed ‘LQP’ to ‘LPG

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