What are the major economic reforms undertaken by the Indian government in recent years
Discuss the significant economic reforms implemented by the Indian government in recent times.
The Indian government has undertaken several major economic reforms in recent years. Some of the significant reforms implemented are:
- Goods and Services Tax (GST): Implemented in July 2017, GST aimed to streamline the tax structure by replacing multiple indirect taxes with a unified tax regime.
- Demonetization: In November 2016, the government demonetized high-value currency notes to eliminate black money, control corruption, and promote a cashless economy.
- Bankruptcy Code: The Insolvency and Bankruptcy Code (IBC) was introduced in 2016 to expedite the resolution process for insolvent companies and reduce non-performing assets in the banking system.
- Liberalized FDI: The government has continuously eased restrictions on foreign direct investment (FDI) across various sectors to attract overseas investors and boost economic growth.
- Direct Benefit Transfer (DBT): DBT scheme focused on providing government subsidies and benefits directly to the recipient's bank account, reducing leakages and improving efficiency.
- Digital India: The Digital India initiative aimed to digitize governance and public services, enhance transparency, and promote digital infrastructure development.
- Atmanirbhar Bharat: Launched in 2020, this initiative aimed to make India self-reliant by promoting domestic manufacturing, increasing local consumption, and reducing dependence on imports.
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