5 Important Economic Reforms in India- SSC CGl

Top 5 Economic Reforms in India- SSC CGL& CHSL


The first major economic reform that occurred in the Indian economy was at the time of independence in 1947. The partition of India into India and Pakistan along with the independence of the country gave a new and fresh framework to the Indian economy back then. Economic reform was technically introduced in July 1991 in the service sector. Here are 5 most important Economic Reforms of India.

5 Most Important Economic Reforms in India

1. Implementation of Goods and Service tax (GST)

The implementation of Goods and Service tax is a value added tax imposed on most of the goods and services sold for domestic consumption.  The Atal Bihari Vajpayee’s Government, in 2000, for the first time talked about something called GST. Since then, several proposals from the bill was passed in parliament and finally in August 3, 2019, GST Bill was passed by all the houses of parliament. It came into implementation on July 1, 2017 under the Modi led BJP Government.  This taxation system aimed to eliminate excessive taxation.

2. Demonetisation of currency notes of Rs 500 and Rs 1000

Demonetisation was one of the most surprising moves in the Indian Economy. On the evening of November 8, 2016, during the Diwali Celebrations, Modi government imposed a ban on the use of currency notes of Rs 500 and Rs 1000. The notes of 500 and 1000 were to be exchanged through banks with a certain limit each day. This move was meant to bring out the Black Money, figure out the fake currency and remove the funding to terrorism. In replacement of the Rs 500 and Rs 1000 notes, new notes of Rs 500 and Rs 2000 were introduced.

Related:OwnTV Exclusive: How to prepare for Bank Exams?

3. Economic Reform of 1991

The Economic reform of 1991 under Narasimha Rao’s Government, occurred because inefficient management of the economy of India in the 1980s. The revenue generation of government were not able to meet the increasing expenses. Hence, the Indian Economy came in debt. The government was unable to pay the money borrowed from foreign sources. India, in order to clear out these debts, went to world and international monetary fund for loan and got a funding of $7 million to clear out the debts. In return, India was asked to remove trade restrictions.

In return, three economic reforms were made

Liberalisation – This states that any restriction which is hindering the development will be put to end. It opened doors for foreign investment.

Privatisation – This includes giving control of different departments in public sector to private bodies.

Globalization – This suggests the integration of Indian economy with the world economy.

4. Nationalisation of Banks

This was a move implemented by Indra Gandhi’s Government in 1969 and was a major move after independence. According to this reform, 14 major commercial banks were converted into National banks.

5. Black Money Bill

The Black Money bill was passed by the Lok Sabha on 11 May 2015. It dealt with the black money stashed abroad and laid harsh punishment which could extend to imprisonment up to 10 years. Also, anyone found with undeclared foreign income will have to give 30% tax and may face criminal prosecution along with 70% as penalty.

Conclusion

These were the biggest economic reforms in India till now which have impacted the economic ecosystem of the country. How successful each reform has been is still a matter of debate because no reform has come up to be absolute so far.

For more such informative articles stay tuned to OWN TV.

Facebook Comments

4,787 thoughts on “5 Important Economic Reforms in India- SSC CGl

  1. Pingback: viagra 100mg
  2. Pingback: best cialis site
  3. Pingback: ventolin inhaler
  4. Pingback: viagra cialis
  5. Pingback: cialis 20 mg price
  6. Pingback: buy ciprofloxacin
  7. Pingback: viagra prices
  8. Pingback: naltrexone online
  9. Pingback: viagra pills
  10. Pingback: cialis daily cost
  11. 268515 1135bless you with regard towards the particular blog post ive truly been looking regarding this kind of data on the internet for sum time right now as a result cheers 767514

  12. 518775 243760Intersting post and site. Very good that Google listed so i was able to get here. This website will go no in my bookmarks from now. 192477

  13. 2134 389988Oh my goodness! a amazing write-up dude. Thanks a lot Nonetheless We are experiencing trouble with ur rss . Do not know why Not able to sign up to it. Maybe there is anybody acquiring identical rss issue? Anyone who knows kindly respond. Thnkx 941912

  14. Pingback: tylenol order
  15. Pingback: viagra 50mg
  16. Pingback: viagra generic
  17. Pingback: cheapest ed pills
  18. Pingback: cheapest ed pills
  19. Pingback: ed pills gnc
  20. Pingback: canadian pharmacy
  21. Pingback: canada pharmacy
  22. Pingback: Cialis in usa
  23. Знаете ли вы?
    Российская учёная показала, что проект «Новой Москвы» 1923 года воспроизводил план трёхвековой давности.
    Англичане купили заказанную португальцами рукопись голландца и бельгийца с изображениями монархов десяти королевств.
    Английский крейсер ценой четырёх попаданий защитил конвой от немецкого рейдера.
    Бывший наркокурьер, став премьер-министром Юкона, принимал законы против наркомании и наркоторговли.
    Жену Генриха VIII на суде защищал посол Священной Римской империи.

    0PB8hX

  24. Знаете ли вы?
    Среди клиентов древнеримского афериста был император Марк Аврелий.
    Залётная птаха занесена в перечень птиц России спустя более полувека после открытия вида.
    Рассказ английского писателя был экранизирован в СССР раньше, чем опубликован его английский оригинал.
    Один из старейших музеев Амстердама находится в церкви на чердаке.
    Вместо Плещеева озера Пётр I мог построить потешный флот на озере Неро.

    http://www.0pb8hx.com/

  25. Pingback: Buy cialis
  26. Pingback: levitra price
  27. Pingback: levitra canada
  28. Pingback: cheap viagra
  29. Знаете ли вы?
    Жизненный путь абсолютного большинства звёзд известен заранее.
    Залётная птаха занесена в перечень птиц России спустя более полувека после открытия вида.
    Будущего чемпиона Европы по боксу в детстве одновременно дразнили «хохлом» и «москалём».
    Альбом «Битлз», признанный одним из величайших в истории музыки, ругали за искусственность и «перепродюсированность».
    Иногда для поддержки экономики деньги «разбрасывают с вертолёта».

    arbeca

  30. Знаете ли вы?
    Во время немецкой оккупации Украины радио на украинском языке вещало из Саратова и Москвы.
    Картина парада Победы, где руководство страны смещено на задний план, получила Сталинскую премию.
    Плата за проезд в последний путь у древних была скорее символической.
    Синим цветом своих футболок «Скуадра адзурра» обязана Савойе.
    На идеологию национал-социализма оказали влияние русские эмигранты.

    arbeca

  31. Pingback: tadalafil reviews
  32. Pingback: instant loans
  33. Pingback: quick cash loans
  34. Pingback: viagra for sale
  35. Pingback: 5 mg cialis
  36. Pingback: internet craps
  37. Pingback: online casinos usa
  38. Pingback: generic for cialis
  39. Pingback: buy cialis
  40. Pingback: cialis internet
  41. Pingback: 5 mg cialis
  42. Pingback: best casino online
  43. Pingback: gambling games
  44. Pingback: online casinos usa
  45. Pingback: viagra for women
  46. Hmm it seems like your site ate my first comment (it was extremely long) so I
    guess I’ll just sum it up what I wrote and say, I’m thoroughly enjoying your blog.
    I as well am an aspiring blog writer but I’m still new
    to everything. Do you have any helpful hints for newbie blog writers?

    I’d certainly appreciate it.
    Jim’s San Jose Carpet Cleaning
    780 S 3rd St, San Jose, CA 95112
    3408-351-1063
    colettemackie2641@gmail.com

  47. I would like to thank you for the efforts you’ve put in penning this site.
    I am hoping to check out the same high-grade blog posts by you later on as well.
    In fact, your creative writing abilities has inspired me to get my very own blog now 😉

    Anaheim Divorce Lawyers in Practice
    204 S Illinois St, Anaheim, CA 92805
    714-410-5333
    sabihafelix09835@gmail.com

  48. Pingback: online casinos
  49. Can I simply say what a comfort to uncover a person that truly knows what they are talking about on the internet.
    You certainly know how to bring a problem to light and make it important.
    A lot more people should look at this and understand this side of the
    story. I was surprised that you aren’t more popular because you most certainly possess the gift.

  50. Pingback: chumba casino
  51. I’ll right away snatch your rss feed as I can’t to find your email
    subscription link or e-newsletter service. Do you have any?

    Please permit me know so that I may just subscribe.
    Thanks.

  52. I really like what you guys tend to be up too. This type of clever work and exposure!
    Keep up the superb works guys I’ve you guys to my personal blogroll.

  53. Kh9loR Thanks for every other fantastic post. Where else may just anybody get that kind of info in such an ideal way of writing? I have a presentation next week, and I am on the search for such information.

  54. Pingback: buy Cialis 80 mg
  55. Pingback: cheap Cialis 80 mg
  56. Pingback: Cialis 40mg cost
  57. I am queer to incur proscribed what blog platform you have been utilizing?
    I’m experiencing about small security measure problems with my in vogue web log
    and I would equivalent to discover something to a greater extent safeguarded.
    Do you suffer whatsoever solutions? http://www.stdstory.com/

  58. It’s awesome to pay a quick visit this website and reading the views
    of all friends on the topic of this piece of writing, while I am also keen of getting familiarity.

  59. Hi just wanted to give you a brief heads up and let you know a few of the images aren’t loading properly.
    I’m not sure why but I think its a linking issue.
    I’ve tried it in two different browsers and both show
    the same outcome.

  60. Nice weblog here! Also your site rather a
    lot up fast! What host are you the usage of? Can I get your affiliate hyperlink on your host?

    I desire my website loaded up as quickly as
    yours lol

  61. Hi there, I found your web site by way of Google at the same time
    as searching for a similar matter, your website came up, it appears to
    be like good. I’ve bookmarked it in my google bookmarks.

    Hello there, just changed into alert to your weblog thru
    Google, and located that it’s truly informative.

    I am going to be careful for brussels. I will appreciate in case you proceed
    this in future. A lot of people will be benefited from your writing.

    Cheers!

  62. Pingback: cialistodo.com
  63. Wonderful beat ! I wish to apprentice while you amend your site, how can i subscribe for
    a blog website? The account helped me a acceptable deal.
    I had been a little bit acquainted of this your broadcast offered bright clear idea

  64. Aw, this was a very nice post. Spending some time and actual effort to create a very good
    article… but what can I say… I hesitate a
    whole lot and never manage to get anything done.

  65. My brother suggested I might like this web site.
    He was entirely right. This post truly made my
    day. You can not imagine just how much time I had spent for
    this info! Thanks!

  66. Very good blog! Do you have any helpful hints for aspiring writers?
    I’m planning to start my own website soon but I’m a little lost
    on everything. Would you suggest starting with a free platform like WordPress or go for a paid option? There are so many options out there that I’m completely overwhelmed ..
    Any suggestions? Many thanks!

  67. Pingback: order Biaxin 250mg
  68. Pingback: cephalexin usa
  69. Pingback: cipro online
  70. Pingback: slot games
  71. Pingback: casino slot
  72. Pingback: red dog casino
  73. Pingback: slots real money
  74. Pingback: vehicle insurance
  75. Howdy I am so glad I found your blog page, I really
    found you by error, while I was looking on Aol for something else, Regardless I am here now and would just like
    to say thanks a lot for a tremendous post and a all round interesting blog (I also love
    the theme/design), I don’t have time to browse it all at the
    minute but I have bookmarked it and also added your RSS feeds, so when I have time I will be back to
    read a great deal more, Please do keep up the fantastic work.

  76. Very great post. I just stumbled upon your blog and wished to mention that I’ve really enjoyed browsing your weblog
    posts. In any case I’ll be subscribing to your feed and I am
    hoping you write again very soon!

  77. Today, I went to the beachfront with my children.
    I found a sea shell and gave it to my 4 year old daughter and said
    “You can hear the ocean if you put this to your ear.” She put the shell to her
    ear and screamed. There was a hermit crab inside and it pinched her
    ear. She never wants to go back! LoL I know this is totally off topic but I had to tell someone!

  78. It’s appropriate time to make some plans for
    the future and it is time to be happy. I’ve
    read this post and if I could I wish to suggest you some interesting things
    or tips. Perhaps you can write next articles referring to this article.

    I wish to read even more things about it!

  79. I don’t even know the way I stopped up here,
    but I assumed this post was great. I don’t know who you might be
    however certainly you’re going to a famous blogger in the event you aren’t already.
    Cheers!

  80. Woah! I’m really enjoying the template/theme of this blog.
    It’s simple, yet effective. A lot of times it’s tough to get
    that “perfect balance” between superb usability and visual appeal.
    I must say you have done a awesome job with this.
    In addition, the blog loads extremely fast for me on Safari.
    Superb Blog!

  81. Hi there, just became aware of your blog through Google,
    and found that it is truly informative. I am going to watch out for brussels.
    I will be grateful if you continue this in future.
    Lots of people will be benefited from your writing. Cheers!

  82. Pingback: quick loan help
  83. Pingback: payday loans
  84. Hey there! I just would like to give you a big thumbs up for the
    great information you’ve got right here on this post.
    I am returning to your website for more soon.

  85. Pingback: viagra otc usa
  86. Pingback: Overnight viagra
  87. Pingback: my homework now
  88. Pingback: free paper writer
  89. Pingback: term paper writers
  90. Pingback: buy essay
  91. Pingback: cost of clomid
  92. Pingback: viagra 200
  93. Pingback: cheapest clonidine
  94. Pingback: coreg price
  95. Woman of Alien Great perform you have got done, this great site is admittedly great with great facts. Time is God as strategy for trying to keep anything from taking place directly.

  96. Pingback: cost of diamox
  97. Pingback: diltiazem pills
  98. Pingback: elavil 25 mg cheap
  99. Pingback: etodolac otc
  100. Pingback: flomax for sale
  101. Pingback: how to buy geodon
  102. Pingback: cialis and alcohol
  103. Pingback: imdur 30 mg canada
  104. Pingback: imitrex australia
  105. Pingback: imodium for sale
  106. Pingback: blog here
  107. Pingback: imuran pills
  108. Pingback: cost of indocin
  109. Pingback: lamisil canada
  110. Pingback: lopid 300mg nz
  111. Pingback: cheapest lopressor
  112. Pingback: order luvox 50 mg
  113. Pingback: macrobid for sale
  114. An outstanding share! I have just forwarded this onto a colleague who has been doing a little research on this.
    And he in fact bought me dinner simply because I discovered it for him…
    lol. So allow me to reword this…. Thanks for the meal!!
    But yeah, thanks for spending some time to talk about this issue here
    on your site.

  115. Hey There. I found your weblog the use of msn. This is a
    really neatly written article. I’ll be sure to bookmark it and come back to
    learn extra of your helpful info. Thank you for the post.

    I’ll certainly comeback.

  116. Attractive section of content. I just stumbled upon your site and in accession capital to assert that I get actually enjoyed account your blog posts.
    Anyway I’ll be subscribing to your feeds and even I achievement you access consistently rapidly.

  117. hello!,I really like your writing so much!
    share we be in contact extra about your article on AOL?

    I need a specialist in this space to solve my problem. Maybe that
    is you! Having a look forward to peer you.

  118. Hi colleagues, how is everything, and what you want to say concerning this
    paragraph, in my view its actually remarkable designed for me.

  119. M.E.C Mon Electricien Catalan
    44 Rue Henry de Turenne
    66100 Perpignan
    0651212596

    Electricien Perpignan

    I’m extremely impressed with your writing skills and also with the layout on your weblog.

    Is this a paid theme or did you modify it yourself? Anyway keep up the excellent quality writing, it is
    rare to see a great blog like this one today.

  120. Pingback: canadapharmacy
  121. Hello there! This post couldn’t be written any better!
    Reading this post reminds me of my old room mate! He always kept talking
    about this. I will forward this page to him. Fairly certain he will have a good
    read. Thanks for sharing!

  122. Pingback: cheapest mestinon
  123. Independance Immobilière – Agence Dakar Sénégal
    Av. Fadiga, Immeuble Lahad Mbacké
    BP 2975 Dakar
    +221 33 823 39 30

    Agence Immobilière Dakar

    Wonderful blog! I found it while surfing around on Yahoo News.
    Do you have any suggestions on how to get listed in Yahoo News?
    I’ve been trying for a while but I never seem to get there!
    Many thanks

  124. Taxi moto line
    128 Rue la Boétie
    75008 Paris
    +33 6 51 612 712  

    Taxi moto paris

    Thanks for your personal marvelous posting! I truly
    enjoyed reading it, you happen to be a great author.

    I will make sure to bookmark your blog and definitely will come back from now on. I want to encourage one to continue your great writing,
    have a nice afternoon!

  125. Pingback: mobic generic
  126. Definitely believe that which you said. Your favourite reason appeared to
    be on the web the simplest factor to take note of.
    I say to you, I certainly get annoyed even as other people consider issues that they
    plainly don’t recognize about. You managed to hit the nail upon the
    top and also outlined out the whole thing with
    no need side effect , folks could take a signal. Will probably be again to get
    more. Thank you

  127. Pingback: cost of periactin
  128. Pingback: plaquenil prices
  129. Pingback: prevacid otc
  130. Perfect update of captchas regignizing software “XRumer 19.0 + XEvil”:

    Captcha recognition of Google (ReCaptcha-2 and ReCaptcha-3), Facebook, BitFinex, Hotmail, Mail.Ru, SolveMedia, Hydra,
    and more than 12000 another subtypes of captcha,
    with highest precision (80..100%) and highest speed (100 img per second).
    You can use XEvil 5.0 with any most popular SEO/SMM software: iMacros, XRumer, SERP Parser, GSA SER, RankerX, ZennoPoster, Scrapebox, Senuke, FaucetCollector and more than 100 of other programms.

    Interested? There are a lot of demo videos about XEvil in YouTube.

    Free XEvil Demo available.

    Good luck!

    XEvil Net

  131. Pingback: cheap procardia
  132. Pingback: proscar canada
  133. Pingback: protonix tablet
  134. Pingback: provigil online
  135. Pingback: how to buy revatio
  136. Pingback: risperdal tablets
  137. Pingback: cheap rogaine
  138. Pingback: seroquel online
  139. You really make it seem so easy with your presentation but I find this topic to be really something that I think I would never understand. It seems too complicated and extremely broad for me. I am looking forward for your next post, I’ll try to get the hang of it!|

  140. Pingback: skelaxin tablets
  141. Pingback: sildenafil 20mg
  142. Pingback: spiriva canada
  143. After checking out a number of the blog posts on your blog, I really like your way of writing a blog. I bookmarked it to my bookmark website list and will be checking back soon. Please check out my web site too and let me know what you think.|

  144. Howdy, i read your blog occasionally and i own a similar one and i was just wondering if you get a lot of spam comments? If so how do you reduce it, any plugin or anything you can recommend? I get so much lately it’s driving me crazy so any support is very much appreciated.|

  145. I seriously love your website.. Excellent colors & theme. Did you make this website yourself?
    Please reply back as I’m wanting to create my very own blog and
    would love to learn where you got this from or exactly what the theme is called.
    Cheers!