Indian Economy since 1966
On 6th June, 1996 (6/6/1996), Mrs. Indra Gandhi took a major step for India. She devaluated the Indian rupee from Rs. 4.76 to Rs. 7.50 to a dollar i.e. by 57 per cent. This proved to be a great loss to Indian economy. There was a great criticism by Indians regarding this. This was the second time when rupee was devaluated. Today the price of rupee is near ₹67 against 1 dollar ($1).
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Current account deficit of 2016 is 1.5 per cent. Now India have international currency of about 360 billion dollars. Moreover now the introduction of GST will prove to be a good boom for Indian economy, As there will be more foreign investment. This will create a common Indian market and reducing the dual effect of tax on the cost of goods and services. This will replace all the indirect taxes levied on good and services by a single tax.
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On 9th Nov, 2016 (9/11/2016), Prime Minister Sh. Narendra Modi Ji also took a renounced step to curb black money in India. He declared a change in currency notes i.e. of ₹1000 and ₹500 denomination will not be a legal tender. He announced that new notes of ₹2,000 and ₹500 will be introduced and set a limit for depositing or exchanging of old currency notes, so that people will not be able to change their additional black money. Moreover the Income Declaration Scheme (IDS) introduced by Modi Ji also proved to be very successful for economy of India in which PM gave the opportunity to all persons who have not declared income to come forward and declare undisclosed money by paying 45 per cent of it as Tax, Surcharge and Penalty. Under this scheme, ₹65,250 crore was disclosed.
