Economic Reforms

The Tarapore Committee (II) was constituted to recommend measures for fuller capital account convertibility in India, building on earlier work toward financial liberalization and gradual opening of the capital account.

The Devolution Index assesses the extent of decentralization and empowerment at the Panchayat level, measuring how much power and resources have been transferred to grassroots democratic institutions.

The 'Garibi Hatao' slogan was Indira Gandhi's campaign that became the cornerstone of the Fifth Five Year Plan (1974-79), focusing on poverty reduction, employment generation, and social justice programs.

The Chelliah Committee (Task Force on Tax Policy Reforms) was specifically constituted to recommend comprehensive reforms in India's tax structure, leading to major simplification, rationalization, and reduction in tax rates.

The Narsimham Committee was specifically constituted to recommend banking sector reforms, leading to liberalization, entry of private banks, NPR normalization, and strengthened regulatory frameworks in the financial sector.

The WTO (World Trade Organization) is the primary international body that governs global trade rules, resolves trade disputes between nations, and ensures trade flows as smoothly, predictably, and freely as possible.

GATT (General Agreement on Tariffs and Trade), established in 1947, was the precursor to the WTO which was formed in 1995 to expand and formalize the global trading system with a more comprehensive institutional framework.

In the 11th Five Year Plan of India, the electricity sector received the largest share of infrastructure investment.

The SBI (Amendment) Bill 2010 proposed reducing the government's shareholding in State Bank of India from 55% to 51%, the minimum required to maintain majority control, allowing more public floating shares.

The New Industrial Policy (1991) introduced automatic approval for direct foreign investment up to 51% in high-priority industries, a major liberalization measure to attract technology and capital.

The practice of RBI lending to the government through ad hoc treasury bills (a source of automatic monetization of fiscal deficit) was discontinued in 1997 as part of fiscal discipline and financial sector reforms.

A closed economy is self-sufficient, meaning that no imports are brought in and no exports are sent out. The goal is to provide consumers with everything that they need from within the economy's borders.

Privatization, when driven solely by profit motives rather than balanced development goals, can lead to uneven industrial growth across regions and sectors, creating imbalances rather than comprehensive development.