Later Reforms
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- The Bharatiya Janata Party (BJP)-Atal Bihari Vajpayee administration surprised many by continuing reforms, when it was at the helm of affairs of India for five years.
- The BJP-led National Democratic Alliance Coalition began privatising under-performing government owned business including hotels, VSNL, Maruti Suzuki, and airports, and began reduction of taxes, an overall fiscal policy aimed at reducing deficits and debts and increased initiatives for public works.
- The United Front government attempted a progressive budget that encouraged reforms, but the 1997 Asian financial crisis and political instability created economic stagnation.
- Towards the end of 2011, the Government initiated the introduction of 51% Foreign Direct Investment in retail sector. But due to pressure from fellow coalition parties and the opposition, the decision was rolled back. However, it was approved in December 2012.
Read more about this topic: Economic Liberalisation In India
Famous quotes containing the word reforms:
“Nothing divine dies. All good is eternally reproductive. The beauty of nature reforms itself in the mind, and not for barren contemplation, but for new creation.”
—Ralph Waldo Emerson (1803–1882)
“We shall one day learn to supersede politics by education. What we call our root-and-branch reforms of slavery, war, gambling, intemperance, is only medicating the symptoms. We must begin higher up, namely, in Education.”
—Ralph Waldo Emerson (1803–1882)