: Aimed at ending the "License Raj" by deregulating industries and removing government restrictions on social and economic policies.

: Involved transferring ownership of public sector enterprises to private entities to increase efficiency and reduce the government's debt burden.

Initiated by then-Prime Minister P.V. Narasimha Rao and Finance Minister Dr Manmohan Singh, the LPG model was a response to a severe balance-of-payments crisis.

: Focused on integrating the Indian economy with the world through reduced import tariffs, increased foreign direct investment (FDI), and improved trade policies. Key Impacts: