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Consider the following statements :
(1) LPG model of Indian Economy was fully implemented in Eighth Five Year plan.
(2) The fifth plan envisaged an annual average growth rate of 5.6% but real growth rate was 6.8%.
Which of the statements given above is/are correct?
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- only 1
- only 2
- Both 1 and 2.
- Neither 1 nor 2
Correct Option: C
The economy of India had undergone significant policy shifts in the beginning of the 1990's at the time of eighth plan. This new model of economic reforms is commonly known as the LPG or Liberalization Privatization and Globalization model. LPG model of economic development in India was proposed by Dr Manmohan Singh, economist and finance minister at that time. Moreover the Eighth plan envisaged an annual average growth rate of 5.6% but real growth rate and 6.8%.
