What are the Major Reforms in Industrial Sector of India?

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1. Abolition-of industrial licensing for almost all bulk drugs.

2. Automatic approval of foreign investment up to 51% and foreign technology agreements permitted for all bulk drugs and formulation, barring a few.

3. Opening of basic telecommunication services to private sectors including foreign investment.

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4. Minimum lending rates for amounts over Rs. 2 lakhs abolished and the rate for advances between-Rs.25.000/- to Rs. 2 lakhs reduced to 13.5%.

5. SLR reduced to 31.5% to make more credit available for commercial sectors.

6- Import duties on capital goods reduced to 15% on export related capital goods, 25% for project imports and other capital goods and 20% for power projects and nil for fertilizer projects.

7. MODVAT extended to capital goods and petroleum products.

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8. Reduction of corporate tax particularly from 65% to 55% for foreign companies.

9. The five-year tax holidays to new industrial undertakings initially allowed for industrially backward States in the year budget for 1993-94, extended to all backward areas to be notified by the Dept. of Revenue.

10. Major changes in the excise tax structure, including rationalization of tax rates, elimination of most end-use exemptions and a general shift from specific to ad valorem duties.

11. Continued reforms in the custom duties, including reduction of the peak tariff rate and removal of exemptions from countervailing duties.

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