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:
“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)
“Until politics are a branch of science we shall do well to regard political and social reforms as experiments rather than short-cuts to the millennium.”
—J.B.S. (John Burdon Sanderson)