Question
Arrange the following economic events and committees in
the correct chronological order of their introduction or implementation in India: Introduction of the Goods and Services Tax (GST) Inauguration of the Direct Benefit Transfer (DBT) scheme Establishment of the first Tarapore Committee on Capital Account Convertibility Initiation of the New Economic Policy (Liberalisation, Privatisation, Globalisation)Solution
To solve this, we must look at the specific years these landmarks occurred:
- Economic Liberalisation (1991): Following a severe balance of payments crisis, India initiated the New Economic Policy in July 1991 . This marked the shift from a command economy to a market-oriented one, often referred to as the LPG (Liberalisation, Privatisation, and Globalisation) reforms.
- Tarapore Committee (1997): The Reserve Bank of India (RBI) constituted the first Committee on Capital Account Convertibility under the chairmanship of S.S. Tarapore in 1997 . The committee was tasked with providing a roadmap for making the Indian Rupee fully convertible on the capital account (it was already fully convertible on the current account by 1994).
- Direct Benefit Transfer (2013): The Government of India launched the DBT scheme on January 1, 2013 . Its primary goal was to reform the government's delivery system by transferring subsidies directly into the bank accounts of beneficiaries, thereby reducing leakages and middlemen.
- Goods and Services Tax (2017): After years of political deliberation and constitutional amendments, the GST was officially implemented on July 1, 2017 . This replaced a complex web of indirect taxes (like excise duty, VAT, and service tax) with a single, unified tax structure.
- 1991: Liberalisation
- 1997: Tarapore Committee
- 2013: Direct Benefit Transfer
- 2017: GST
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