Though we have started on the reform path in 1991, there was some talk of slowing down of the reforms from the late 1990s. Here is a list of measures that are taken that counter this point of view:
- Import duties have been brought to ASEAN levels (around 8%) for most items.
- Bank reforms have liberalized interest rates, slashed non-performing loans and made a gradual move toward Basel II norms.
- Agriculture barriers like APMC have been eroded though not removed, in many states. This paves the way for corporates to buy produce directly from the farmers.
- Telecom reforms have sparked a revolution. Lowest tariffs in the world.
- Though electricity sector has witnessed a slow pace, open access is a reality. The new tariff based bidding process has brought down the price per unit to Rs. 1.19 ps.
- Railways are in surplus. Dedicated freight corridors are coming up.
- Rural infrastructure is being strengthened through Bharat Nirman.
- Sates have moved to VAT regime.
- Number of items reserved fro SSI sector has come down from 880 to 326.