The New Economic Policy (NEP) of 1991, characterized by liberalization, privatization, and globalization (LPG), profoundly reshaped India's economic landscape and, consequently, the lifestyle and life-chances of its emerging middle class. Prior to 1991, the middle class was largely defined by government employment, limited consumer choices, and a focus on savings. Post-NEP, a 'new middle class' emerged, distinct in its aspirations and opportunities.

Impact on Lifestyle:

1. Consumerism: The influx of foreign goods and brands, coupled with increased disposable incomes, fueled a consumerist culture. Owning cars, electronic gadgets, branded clothing, and dining out became hallmarks of this new lifestyle, signifying upward mobility and status.
2. Globalized Tastes: Exposure to global media and products led to a homogenization of tastes, with a preference for international brands and cultural trends.
3. Leisure and Entertainment: The growth of multiplexes, malls, and diverse entertainment options transformed leisure activities, moving away from traditional community-based recreation.
4. Education and Healthcare: Increased access to private education and healthcare facilities, though often expensive, became a priority, reflecting a desire for better quality services.

Impact on Life-Chances:

1. Economic Opportunities: Liberalization opened up new sectors like IT, finance, and services, creating a plethora of high-paying jobs. This led to significant upward social mobility for many, particularly those with English education and technical skills.
2. Entrepreneurship: Reduced regulations and easier access to capital fostered a spirit of entrepreneurship, allowing individuals to start businesses and create wealth.
3. Global Mobility: The IT boom and demand for skilled labor abroad facilitated international migration, offering opportunities for higher earnings and global exposure.
4. Education and Skill Development: The emphasis shifted towards acquiring market-relevant skills, leading to a proliferation of private educational institutions and coaching centers. Access to quality education became a crucial determinant of life-chances.
5. Increased Competition and Inequality: While opportunities expanded, so did competition. The new economic order also exacerbated inequalities, as those without access to quality education or capital found it harder to join the ranks of the new middle class. The informal sector and traditional industries often lagged, creating a divide within the broader middle-income groups.

In essence, the NEP transformed the Indian middle class from a relatively austere, state-dependent group to a dynamic, aspirational, and globally connected segment, driven by market forces and consumer desires, albeit with new forms of social stratification.