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Indian Economic Reform plan for the 21st Century.

Israeli_Cube_1948

GA Member
Joined
Jun 29, 2022
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Indian Economic Reforms act of 2000
A wave of economic reforms is being introduced India as the country seeks to switch to a more modern and capitalist economy; many actions are planned to be taken however these are the first.
Trade:
All tariff costs are being reduced by 50% all across the board. However certain tariffs such as those on produce, meat, dairy, clothing, glass, metals, ores, plastic, and paper are lifted completely.
The country is now open to any foreign investment.
All non tariff barriers are abolished.

Labor:
The Federal minimum wage is now abolished.
The 40 hour work week limit is abolished.
Paid vacation laws are abolished.
A national at will employment is established.
The Industrial Disputes Act of 1947 is repealed; therefore right to strike is abolished.
The Indian company law of 1956 is also repealed.

Privatization:
All prices controls with industrial goods and agricultural goods are now abolished.
Privatization of several state owned banks will occur. 50% of banks in India are set to be privatized which include but are not limited to; the Punjab & Sind Bank, Bank of Maharashtra, UCO Bank, Indian Overseas Bank, Punjab National Bank, and Bank of Baroda.
The following ministries will also have all state owned enterprises within them completely privatized; Ministry of coal, Ministry of Mines, Ministry of Petroleum and Natural Gas, Ministry of Railways, Ministry of Steel, Ministry of Textiles, Ministry of Civil Aviation.
The 14 banks that were nationalized in 1969 are also to be privatized.

Regulation:
The Industrial Development Regulation Act of 1951 is repealed
The the Industrial Policy Resolution of 1956 is repealed
Quotas are now optional and no longer compulsory, businesses will be payed for completing the previously required quotas however.
Obtaining a permit for construction is no longer compulsory,
All bureaucratic procedures to obtain electricity for businesses are removed.

agriculture:
Agriculture will no longer be taxed.
Farmers are now free to sell produce as they please without regulation.
Private large scale share holding of farms is now allowed.
Government planning of agriculture will no longer take place.

Special Economic Zones:
The following cities/sub-districts are now established as special economic zones where free market economics are established and central planning has no effect on their economies, within their bounds. Chennai, Nellore, Thiruvananthapuram, Udupi, Goa, Bhavnagar, Visakhapatnam, East Godavan, Puducherry and Baleshwar.
 
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