Liberalization, Privatization, Globalization (LPG)

Liberalization, privatization, and globalization (LPG) are major economic reforms. Liberalization means reducing government controls and restrictions on businesses to encourage competition and growth. Privatization involves transferring ownership of government-owned enterprises to private companies to improve efficiency. Globalization is the process of increasing interconnectedness among countries through trade, investment, and technology, leading to a more integrated world economy. Together, these reforms aim to boost economic development by promoting free markets, private enterprise, and international cooperation, ultimately providing consumers with more choices and fostering overall growth.