What do you mean by LQP and LPG in the context of refor

| What do you mean by LQP and LPG in the context of reforms?

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LQP means License Quota Permit raj. This was a term popular before the reform process started in Indian Economy. Anybody wishing to start an enterprise had to run around for months or years, and pay hefty sums of money in bribe before they could get license for it. Any one wanting to export could do only within the limit put by Quotas. Now this has been replaced by LPG, which means Liberalisation, Privatisation, and Globalisation which has given more freedom to do business in India.

What do you mean by LQP and LPG in the context of refor

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