From its establishment in 1950 till it was abolished recently, the Planning Commission stayed and stood tall amid all policy making institutions of the country for 65 years. On 15 August 2014, India’s Prime Minister Narendra Modi declared to replace the Planning Commission by a new body. On January 1, 2015, the government by a
Prior to the liberalization of Economy, India’s tax regime was marred with numerous problems. In terms of direct taxes, there was a high degree of progressiveness in 1960s and 1970s that led to adverse effect on tax collection efficiency. Further, there were large number of exemptions eroded the already narrow tax base in the country.
Historically, India was seen as a poor developing country with a low visibility on global politico-economical front. All western powers including United States saw India as a local / regional power in South Asia without any global weight. Over the years, this perception has changed to a great extent. How and to what extent? The