The significant economic liberalization reforms in India, often referred to as the LPG (Liberalization, Privatization, Globalization) reforms, began in the early 1990s.
- (b) New Foreign Trade Policy: While Foreign Trade Policies are periodically updated, a significant policy often referred to is the one announced in 2015 (2015-2020 policy). - (c) Goods and Services Tax (GST) act: The Constitution (One Hundred and First Amendment) Act, 2016 paved the way for GST. The central Goods and Services Tax Act, 2017 and Integrated Goods and Services Tax Act, 2017 were passed by Parliament in 2017 and came into effect on July 1, 2017. - (d) Narasimham Committee Report: The first Narasimham Committee on Financial Sector Reforms submitted its report in 1991. The second one was in 1998. Given the options, 1991 refers to the first report. 185. The first phase of liberalization was initiated in India under the regime of
Asked in UKPSC CS Prelims 2016 · Topic: Nature of Indian Economy (Evolution from Planned to Market-Oriented Economy)
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