List of defining reforms under Singh as finance minister, Prime Minister

RTI passed to empower citizens to seek information from public authorities, promoting transparency during his tenure as PM

AS FINANCE MINISTER

 

1991:

 

> India pledges gold with the Bank of England and UBS to increase foreign currency reserves in the face of an imminent external payments crisis. 

 

> Rupee is devalued in two stages by about 18 per cent.

 

> Many chapters of the Monopolies and Restrictive Trade Practices Act of 1969 repealed, allowing greater freedom to companies to expand existing capacity or to set up new units.

 

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 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.

 

1995

 

> Banks allowed to fix their own interest rates on domestic term deposits.

 

1996

 

> Minimum Alternate Tax reintroduced for companies.

 

AS PRIME MINISTER

 

2005

 

> Right to Information Act (RTI) passed to empower citizens to seek information from public authorities, promoting transparency.

 

> National Rural Health Mission (NRHM) launched to strengthen healthcare delivery in rural areas.

 

> Special Economic Zones (SEZ) Act passed to boost exports through incentives and simplified processes.

 

> National Rural Employment Guarantee Act (NREGA) passed, guaranteeing 100 days of wage employment annually to rural households.

 

> Jawaharlal Nehru National Urban Renewal Mission launched to improve the quality of life in Indian cities.

 

2007

 

> National Food Security Mission (NFSM) launched to increase production of rice, wheat, and pulses.

 

2008

 

> Farm loan waiver to provide debt relief to millions of farmers.

 

2009

 

> Right to Education Act passed, makes free and compulsory education a fundamental right for children aged 6-14.

 

> Delhi-Mumbai Industrial Corridor (DMIC) initiated as a mega industrial project to enhance connectivity and boost industrial growth.

 

2010

 

> Unique Identification Authority of India (UIDAI) rolls out Aadhaar to improve service delivery through biometric identification.

 

2012

 

> Significant increase Foreign Direct Investment limits in telecom, retail, broadcasting, civil aviation and insurance sectors.

 

2013

 

> Direct Benefit Transfer (DBT) launches cash transfer schemes to reduce leakages in welfare programmes.

 

> Food Security Act enacted to provide subsidised food grains to nearly two-thirds of India’s population.

 

> Parliament passed Pension Fund Regulatory and Development Authority (PFRDA) Act, opens the pension sector to private players.

 

> Companies Act, 2013 enacted to significantly improve corporate governance norms.

 

> Lokpal and Lokayukta Act create an anti-corruption ombudsman at the central level.