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Friday, Oct 22, 2021
Outlook.com
Outlook.com

The Reforms Saga

The Reforms Saga
The Reforms Saga
outlookindia.com
-0001-11-30T00:00:00+05:53

CHINA

1978:  Dismantled the People’s Communes and allotted land to farmers.

1979:  Set up Special Economic Zones in Shenzen, Zhuhai, Shantoe and Xiamen to attract foreign direct investments.

1987: Contract system launched. 

1988: Made Hainan island a province and declared the whole island a SEZ.

1994: A single VAT of 17% introduced. 

1995: Current account convertibility allowed, customs duty reduced. 

1999: Recapitalisation of banks by creating four AMCs. 

2000:  Individuals allowed to tap the capital market.

2001: China becomes a WTO member. 

2004: Hong Kong banks allowed to accept deposits in yuan. 

2005: China revalues its currency after over a decade.

INDIA

1991:  New Industrial Policy announced; up to 51% foreign direct investment allowed in select industries.

1996:  Minimum Alternate Tax introduced. Corporate surcharge cut from 15% to 7.5%.

1997:  Maximum income tax rate cut to 80% and corporate tax to 35%. New takeover code approved.

1999:  IRDA Bill passed; FERA replaced by FEMA. Department of disinvestment created.

2000:  SEZ created with 100% foreign equity.  Quantitative restrictions on 714 items lifted in the small-scale sector.

2002:  Full convertibility of deposit schemes for NRIs. Urban Initiative Fund set up. 

2003:  SPV set up to finance core projects.

2006:  National Rural Employment Guarantee Scheme launched. The Jawaharlal Nehru National Urban Renewal Mission established.

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