Key Reforms During Different Coalition Regimes

PV Narasimha Rao

• Liberalisation and open market reforms that dismantled licence permit raj, except for some sectors
• Replacement of import substitution policy with export promotion policy
• Devaluation of rupee against the dollar in two phases
• Rupee convertibility in current account in phases

HD Deva Gowda/IK Gujra

• Dream budget in which then finance minister introduction three personal income tax slabs of 10,20 and 30 per cent which remained in practice for many years to come
• Discontinuance of ad-hoc treasury Bills which ended automatic monetisation of Centre’s fiscal deficit
• Establishment of telecom regulator – Trai

Atal Bihari Vajpayee

• Telecom reform
• Pension reform
• Fiscal reform that specify gradual reduction of centre’s fiscal deficit and phasing out of revenue deficit
• Electricity Act, 2003 which unleashed power sector reform aimed at breaking monopoly of the state
• Insurance regulator – Irdai-set up

Manmohan Singh

• Introduction of Mahatma Gandhi National Rural Employment Guarantee scheme
• National Food Security Act
• Land Acquisition Act
• Dismantling of administered prices in petroleum
• Implementation of State – level value added tax system
• Enactment of Pension Fund Regulatory and Development Authority Act

Narendra Modi

• Introduction of goods and services tax
• Formation of NK Singh Committee on fiscal reforms and adoption of new targets for fiscal deficit, government debt
• Passage of labour codes in Parliament, enactment awaits approval by all state and union territory governments
• Formation of monetary policy committee and inflation targeting
• Power reforms to fix supply issues in the sector

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