The correct answer is Liberalisation, Privatisation and Globalisation.
LPG reforms of 1991 were a strategic shift in the Indian economy which changed the very nature of Indian reality today.
India’s New Economic Policy was announced on July 24, 1991 , known as the LPG or Liberalisation, Privatisation and Globalisation model.
Liberalization- It refers to the process of making policies less constraining of economic activity and also reduction of tariff or removal of non-tariff barriers.
Privatization- It refers to the transfer of ownership of property or business from a government to a privately owned entity.
Globalization- It refers to the expansion of economic activities across political boundaries of nation-states.