Correct Option: A

Economic liberalisation in India started with substantial changes in industrial licensing policy. The LPG Model (Liberalisation, Privatisation & Globalisation) was introduced by Dr Manmohan Singh in 1991 as India was facing problems of depleting reserves. Under liberalization the industrial licensing policy was changed and under the new licensing policy the private players can set up their industrial units without obtaining license from government and thus private investment in India increased drastically.