LPG Model means _____________.

Liberalisation, Privatisation and Globalisation

The correct answer is option 4- Liberalisation, Privatisation and Globalisation.

The LPG Model refers to a set of economic reforms that have been adopted by various countries, especially India, to foster growth and integration with the global economy. The term LPG stands for Liberalisation, Privatisation, and Globalisation. These three key components represent a shift from a closed, state-controlled economy to a more open and market-driven one. 

As a part of economic reforms, the Government of India announced a new industrial policy in July 1991 which sought to liberate the industry from the shackles of the licensing system (liberalisation), drastically reduce the role of the public sector (privatisation) and encourage foreign private participation in industrial development (globalisation).