■ Rupee is devalued in two stages by about 18%
1991-92
■ Quantitative restrictions on imports abolished. Chief Controller of Imports and Exports replaced by Directorate General of Foreign Trade
■ Mutual fund industry opened to the private sector
1992
■ Capital markets regulator Securities and Exchange Board of India (SEBI) became a statutory body
■ National Stock Exchange established in Mumbai
1993-94
■ RBI issues licenses to 10 private sector banks
■ Five-year tax holiday offered to units set up in software technology parks and electronic hardware technology parks
■ Nationalised banks allowed to tap the capital market to strengthen their capital base
■ Rupee is made convertible on the current account
■ Introduction of Service Tax: Broadened the tax base by taxing services, marking a shift in India's taxation policy
This story is from the December 28, 2024 edition of Business Standard.
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This story is from the December 28, 2024 edition of Business Standard.
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