The Atal Bihari Vajpayee , the Ex Prime minister of India passed away on 17/8/2018 due to prolonged illness. He was known to carry forward the spirit of economic reforms introduced under PV Narasimha Rao government of 1991. Many of his economic decisions are even followed up by the present Modi regime such as on ‘disinvestment’ and ‘fiscal profligacy.’
These are major key reforms or economic reforms taken by The Atal Bihari Vajpayee government:
Privatisation:
These are major key reforms or economic reforms taken by The Atal Bihari Vajpayee government:
Infrastructure:
The Golden Quadrilateral
The government was successful in connecting four major metro cities namely Chennai, Kolkata, Delhi and Mumbai through a network of highways.
The Pradhan Mantri Gram Sadak Yojana.
The Pradhan Mantri Gram Sadak Yojana laid down a network of roads for the unconnected villages across India.
Fiscal profligacy:
With an aim to check the fiscal profligacy, the Vajpayee government introduced the Fiscal Responsibility Act. The public sector savings surged from – 0.8 percent of GDP in the fiscal year 2000 to 2.3 percent in the fiscal year 2005, as a result.
Privatisation:
Vajpayee followed it up with an establishment of a separate disinvestment ministry. Current Finance Minister Arun Jaitley was the first disinvestment minister.
Bharat Aluminium Company (BALCO) and Hindustan Zinc, Indian Petrochemicals Corporation Limited and VSNL were the most famous disinvestments.
Telecom revolution:
With the introduction of new telecom policy, Vajpayee government brought about a telecom revolution in the country by replacing fixed license fees for telecom firms with a revenue-sharing arrangement.
As Telecom Dispute Settlement Appellate Tribunal was set up, government’s regulatory and dispute settlement roles were also separated.
Despite doing good on many economic indicators, the Vajpayee government failed to get re-elected in the following 2004 general elections.
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