Before GST, there were several reforms introduced by the government of India over the years which shook up India's economy.
NATIONALISATION
In the year 1969, there was a state takeover of private business sectors, the large scale nationalisation of banks in 1969, the insurance business in 1972 and of coal and oil in 1973 fundamentally transformed the economy.
NEARLY 100% I-T RATE
During Indira Gandhi period in 1970, the top income tax rate was 98.75 per cent.
MARUTI
The company changed India's automobile scene beyond recognition after the 1982 joint venture between the Government of India and Suzuki led to the launch of the Maruti 800 in 1983.
DELICENSING
The decision in July 1991 to end "licence-permit raj" meant private Indian businesses no longer needed govt approval to build capacity to meet potential demand.
FOREIGN INVESTMENT EASING
In the year 1992, The Foreign Investment Promotion Board was set up to attract FDI and portfolio investors were allowed to enter Indian stock markets.
