What are Fiscal reforms introduced in 1991?

d.eandeconomicreform
cbse

#1

Government of India introduced a number of fiscal reforms to reduce fiscal deficit from 8%-9% to 4% of GDP It includes :
(i) Reduction in non-development expenditure.
(ii) Increase in taxation through increase in income tax rates and corporate tax rates.
(iii) Streamlining the working of central and state public sector.
(iv) Reduction in subsidies.