LPG reforms

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The LPG reforms, introduced in India in 1991, are on three main pillars Liberalization, Privatization, and Globalization.

•Liberalization This is reducing the government control over the frugality, easing the restrictions on private enterprise, and promoting free- request principles.

•Privatization This is the transfer of power, operation, and control of state- possessed enterprises to the private sector.

•Globalization This aims at integrating the Indian frugality with the global request through the promotion of foreign trade as well as investment.

Monetary policy committee

• The Monetary Policy Committee (MPC) plays a significant role in determining the country's monetary policy. There are the following three important points.

•Composition The MPC has six members three from the Reserve Bank of India( RBI) and three external members appointed by the Government of India.

• The primary thing of the MPC is to maintain price stability while keeping in mind the ideal of profitable growth. It's responsible for setting the repo rate, which influences the interest rates in the frugality.

Comptroller and Auditor General( CAG)

•The CAG is the native authority in India entrusted with the responsibility of auditing the accounts of the Union and State governments, besides other colourful public sector undertakings.

•The CAG ensures that public finances are utilised efficiently and effectively. Independence The CAG works independently of the government to ensure impartiality and fairness in its audits.

•This independence is crucial to ensure accountability and transparency in public finance.  Reports and Recommendations The CAG presents inspection reports to the President of India, who also lays them before the Parliament.