Explanation:

Introduction
In 1991, India was facing a serious economic crisis due to the balance of payments issue, high inflation, and low foreign exchange reserves. To tackle this crisis, the government of India introduced a set of economic reforms in 1992, popularly known as the LPG reforms.

What is LPG?
LPG is an abbreviation for Liberalization, Privatization, and Globalization. These three terms signify the three pillars of the reforms that were introduced in India in 1992.

Liberalization
Liberalization refers to the relaxation of government regulations and controls in various sectors of the economy. The objective of liberalization was to make the Indian economy more competitive and efficient. Some of the key measures taken under liberalization include:

- Abolition of industrial licensing and deregulation of the industry
- Removal of restrictions on foreign investment and foreign trade
- Reduction in import tariffs and removal of quantitative restrictions on imports
- Introduction of automatic approval for foreign technology agreements

Privatization
Privatization refers to the transfer of ownership and control of public sector enterprises to the private sector. The objective of privatization was to improve the efficiency and productivity of the public sector enterprises. Some of the key measures taken under privatization include:

- Disinvestment of public sector enterprises
- Introduction of the concept of public-private partnership (PPP) in infrastructure development
- Encouragement of private participation in various sectors such as telecom, power, and aviation

Globalization
Globalization refers to the integration of the Indian economy with the global economy. The objective of globalization was to make India a part of the global supply chain and attract foreign investment. Some of the key measures taken under globalization include:

- Liberalization of foreign trade and investment policies
- Removal of restrictions on the entry of foreign companies and foreign capital
- Introduction of the concept of Special Economic Zones (SEZs) to attract foreign investment

Conclusion
The LPG reforms introduced in India in 1992 were a landmark event in the economic history of India. These reforms helped India to emerge as a major player in the global economy and transformed the Indian economy from a closed and regulated economy to an open and market-oriented economy.