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External trade has been liberalised through lowering of tariffs and progressive reduction of import controls. Tax rates, both corporate and personal, have been rationalised and compare favourably with other major world economies.
The Indian economy has, since 1991, undergone profound changes not only in its direction, but also its fundamental structures and underpinnings. The deliberate change from a command economy based on a socialist market model to that of a market economy with a human face has led to major readjustments. As a result, there has been greater reliance on technology, improvement of systems, streamlining of procedures relating to approvals, and general reduction in the involvement of the government in the business of running businesses...
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