Here is a brief about the wonder years that marked the economic boom in India. :-
1991:
- Import restrictions removed on day one.
- Rupee devalued by 18-19%.
- Trade policy changed.
- Dual exchange rate regime established.
- New industrial policy announced.
- Disinvestment of PSUS to raise resources.
- India Development Bonds rake in $1.6 billion; GDP growth rate 2.5%.
1992:
- SEBI given statutory powers.
- Private satellite television begins.
- Rangaranjan panel asks for 49% divestment in public sector industries.
- Harshad Mehta scandal rocks India.
1994:
- NSE starts operations.
- Current account convertibility.
- National telecom policy announced.
1995:
- 49% FDI in telecom services.
- First mobile phone call made.
1996:
- Schemes like DEBP, EQU, EPZ and advance licence announced.
- First telecom scam involving Sukh Ram.
- Disinvestment Commission set up.
- Tarapore panel on rupee convertibility.
1999:
- New telecom policy announced.
- Insecure sector opened up.
2000:
- FERA replaced with a gentler FEMA.
2004:
- Broadband policy announced.
- Insurance sector opened up.
2005:
- RTI announced.
2006:
- 51% FDI in single- brand retail.
- Goods & Services Tax (GST) mooted.
2009:
- Direct Tax Code
2010:
- Minimum public shareholding in listed firms raised to 25%; revised to 10%.
Courtesy: Outlook
