What are the key economic policies that have been introduced by the Indian government in the last decade
Explain the changes in the Indian economic policies in the past 10 years that have impacted the Indian Economy.
- Demonetization: In 2016, the government announced the demonetization of Rs. 500 and Rs. 1000 notes to combat corruption and black money. While this move was initially controversial, it paved the way for a push towards digital transactions.
- Goods and Services Tax (GST): In 2017, India introduced the GST, a single tax on the supply of goods and services. This move simplified India's tax system, making it easier for businesses to operate in the country.
- Foreign Direct Investment (FDI): In the past decade, the Indian government has liberalized its FDI policies, making it easier for foreign companies to invest in India. This has led to increased investment and job creation in the country.
- Make in India: The Make in India program, launched in 2014, aims to encourage manufacturing in India and promote the country as a global manufacturing hub. The program has led to increased investment in manufacturing and helped to create jobs in the sector.
- Bankruptcy and Insolvency Code: In 2016, India introduced the Bankruptcy and Insolvency Code, which provides a framework for the timely resolution of insolvency cases. This has made it easier for companies to exit failing businesses and has increased the confidence of lenders and investors in the Indian economy.
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