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    1950-51

    Planning Commission set up for the first time, following the Development Plan put out earlier going out of date due to the Partition.

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    1957-58

    Restrictions introduced on imports, through import licensing system. Intended to stem the impact, on the Balance of Payment, of investments being made for the Second Five-Year Plan. Budget now remembered for making it difficult to raise external debt.

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    1973-74

    Remembered for the government's take over of coal mines, in order to ensure their consistent development and supply of coal to dependent industries. Resulted in inefficiencies creeping in and India becoming a net importer of coal over time.

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    1986-87

    Introduction of MODVAT, a precursor to the GST of today, to tackle the problems created by the taxation of inputs and the cascading effect it has on the value of the final product.

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    1987-88

    Introduction of the Minimum Corporate Tax or the MAT of today, to target profitable entities that were legally avoiding tax.

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    1991-92

    Liberalisation ushered in. Changed Impex policy by slashing import licensing and vigorously promoting exports. Tax Holiday declared for software industry.

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    1994-95

    Introduction of Service Tax, which has grown from Rs 500 target that year to more than Rs 130,000 crore by FY 2013.

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    2000-01

    Phasing out of tax sops for the highly successful software services industry. Ending a near-decade-long tax holiday to the IT industry that made it a global force to reckon with, it was time to start taxing the industry which, it was felt, did not need any more tax benefits.

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    2001-02

    Transfer Pricing introduced. Aimed at curbing tax avoidance. it laid down norms for computation of income from international transactions having regard to the “arm’s length price”.

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    2005-06

    Social welfare schemes such as NRHM and NREGA introduced. National Rural Health Mission aimed at reducing infant mortality, maternal mortality and fertility rates. It aimed at increased access to quality health care in rural areas.

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    2008-09

    Farm loan waiver scheme. A Rs 60,000 crore relief package that is said to have benefited 37 million small and marginal farmers in the country.

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