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Economic Committees and Reforms
A compact, tabular revision of important economic committees, what they recommended, and the milestone reforms of the Indian economy, for CAPF Paper I economy
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At a glance
SubjectEconomy
RevisionEconomyCommitteesReformsBankingPaper 1
Cover the right column and recall the subject of each committee. CAPF tests committee-to-topic matching and the headline reforms of 1991 onward. For the broader committee set across subjects see committees and commissions; for terms see important economic terms.
| Committee |
Subject |
| Narasimham Committee (I and II) |
Banking sector reforms; financial system |
| Kelkar Committee |
Direct and indirect tax reform; later the FRBM roadmap |
| Rangarajan Committee |
Disinvestment; balance of payments; later poverty estimation |
| Chelliah Committee |
Tax reforms |
| Tarapore Committee |
Capital account convertibility |
| Bimal Jalan Committee |
RBI economic capital framework / surplus transfer |
| Urjit Patel Committee |
Monetary policy framework; inflation targeting |
| Nachiket Mor Committee |
Financial inclusion; small finance and payments banks |
| Vijay Kelkar (FRBM review) |
Fiscal Responsibility and Budget Management roadmap |
| Suresh Tendulkar Committee |
Poverty line estimation |
| C Rangarajan (poverty) |
Revised poverty estimation |
| Y V Reddy (Finance Commission) |
Fourteenth Finance Commission award |
| N K Singh |
Fifteenth Finance Commission; FRBM review |
| Bibek Debroy Committee |
Railway restructuring |
| Year |
Reform |
| 1969 |
Nationalisation of 14 major banks |
| 1991 |
Liberalisation, Privatisation, Globalisation (LPG); New Economic Policy; rupee devaluation |
| 1991 |
New Industrial Policy; abolition of much of the licence-permit raj |
| 1992 |
SEBI given statutory status; capital-market reforms |
| 1993-94 |
Phased current-account convertibility of the rupee |
| 2000 |
FEMA replaced FERA (foreign-exchange regulation) |
| 2003 |
FRBM Act for fiscal discipline |
| 2016 |
Insolvency and Bankruptcy Code (IBC); monetary policy committee and inflation targeting |
| 2017 |
Goods and Services Tax (GST) rolled out |
| Fact |
Answer |
| Committee on banking reforms |
Narasimham |
| Committee on capital account convertibility |
Tarapore |
| Architect often credited with the 1991 reforms |
Dr Manmohan Singh (Finance Minister), P V Narasimha Rao (PM) |
| Code for resolving stressed assets |
Insolvency and Bankruptcy Code, 2016 |
| Tax that subsumed many indirect taxes |
GST (2017) |
| Act for fiscal discipline |
FRBM Act, 2003 |