Mention the reform taken by the government between 1980 to 1990
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Here are five major reforms during the era:
The government introduced several export incentives after 1985, relaxing the foreign exchange constraint. 50 per cent of business profits attributable to exports were made income tax deductible; in the 1988 budget this concession was extended to 100 per cent of export profits while the interest rate on export credit was reduced from 12 to 9 per cent.
There was a steady decline in the share of canalized imports. Between 1980—81 and 1986—87, the share of these imports in total imports declined from 67 to 27 percent. Imports of petroleum, oil and lubricants imports declined increasing room for imports of machinery and raw materials by entrepreneurs.
The Open General License (OGL) list was steadily expanded. This list was reintroduced in 1976 with 79 capital goods items on it. The number of capital goods items included in the OGL list expanded steadily reaching 1,007 in April 1987, 1,170 in April 1988, and 1,329 in April 1990.
There was a relaxation of industrial controls and related reforms. Delicensing received a major boost in 1985 with 25 industries being delicensed and firms that came under the purview of the Monopolies and Restrictive Trade Practices (MRTP) Act were subject to different rules and could not take advantage of the liberalizing policy changes. Price and distribution controls on cement and aluminum were entirely abolished. Also, there was a major reform of the tax system. The multi-point excise duties were converted into a modified value-added (MODVAT) tax, which enabled manufacturers to deduct excise paid on domestically produced inputs and countervailing duties paid on imported inputs from their excise obligations on output.
The Indian government also fixed a realistic exchange rate for the Rupee.
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The government introduced several export incentives after 1985, relaxing the foreign exchange constraint. 50 per cent of business profits attributable to exports were made income tax deductible; in the 1988 budget this concession was extended to 100 per cent of export profits while the interest rate on export credit was reduced from 12 to 9 per cent.
There was a steady decline in the share of canalized imports. Between 1980—81 and 1986—87, the share of these imports in total imports declined from 67 to 27 percent. Imports of petroleum, oil and lubricants imports declined increasing room for imports of machinery and raw materials by entrepreneurs.
The Open General License (OGL) list was steadily expanded. This list was reintroduced in 1976 with 79 capital goods items on it. The number of capital goods items included in the OGL list expanded steadily reaching 1,007 in April 1987, 1,170 in April 1988, and 1,329 in April 1990.
There was a relaxation of industrial controls and related reforms. Delicensing received a major boost in 1985 with 25 industries being delicensed and firms that came under the purview of the Monopolies and Restrictive Trade Practices (MRTP) Act were subject to different rules and could not take advantage of the liberalizing policy changes. Price and distribution controls on cement and aluminum were entirely abolished. Also, there was a major reform of the tax system. The multi-point excise duties were converted into a modified value-added (MODVAT) tax, which enabled manufacturers to deduct excise paid on domestically produced inputs and countervailing duties paid on imported inputs from their excise obligations on output.
The Indian government also fixed a realistic exchange rate for the Rupee.
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