Liberalisation, Privatisation, and Globalisation (LPG) are three economic policies that were introduced in India in 1991 as part of the New Economic Policy. Here is a brief explanation of each policy:

1. Liberalisation: This policy aims to free the economy from direct or physical controls imposed by the government. It ensures greater freedom from strict laws and regulations, encourages competition between domestic industries, and promotes business with other countries with less strict rules and regulations.

2. Privatisation: This policy involves the transfer of roles and operations of publicly owned means to private ownership. It means a property or business of the government being taken by a private owner with an aim to function and discipline well. Privatisation can be done in two ways: partial or full ownership and operation of the public sector enterprises by the private sector.

3. Globalisation: This policy is associated with increasing openness, growing economic interdependence, and deepening economic integration in the world economy. It aims to create a borderless world in which goods, services, and people move seamlessly across borders. Globalisation helps integrate the world economy with the country’s economy, reduces tariffs, and ensures ease of investment for foreign investors.

These policies were introduced to attain a high rate of economic growth, reduce the rate of inflation, reduce the fiscal deficit, and overcome the Balance of Payment crisis.