Arrange the following economic reforms in India in the

Solution

1. Abolition of Industrial Licensing (1991):

As part of the New Industrial Policy launched on July 24, 1991, the "License Raj" was largely dismantled. Licensing was abolished for all but a handful of industries (initially 18, later reduced to 5-6), marking the start of the Liberalization era.

2. Enactment of FEMA (1999):

The Foreign Exchange Management Act (FEMA) was passed in 1999 to replace the more restrictive FERA (Foreign Exchange Regulation Act) of 1973. It aimed at facilitating external trade and payments and promoting the orderly development of the foreign exchange market in India. It came into effect on June 1, 2000.

3. Opening of the Insurance Sector (2000):

Following the recommendations of the Malhotra Committee, the Insurance Regulatory and Development Authority (IRDA) Act was passed in 1999, and the sector was officially opened to private players and foreign direct investment (initially capped at 26%) in 2000.

4. Introduction of GST (2017):

The Goods and Services Tax (GST), a comprehensive indirect tax reform aimed at creating a unified common market, was launched on July 1, 2017. It replaced various central and state taxes like Excise Duty, VAT, and Service Tax. Timeline Summary Table: