UPSSSC PET · Bite-size lessons
Post-2014 Economic Reforms
About 7 min · Indian Economy · English
Time worked out from the lesson's 523 words at 150 words a minute, plus a minute for each question.
Post-2014 economic reforms represent a critical shift in India's economic policy framework, focusing on ease of doing business, structural transformation, and formalisation of the economy. For UPSSSC PET, this topic tests your understanding of landmark policy changes including GST, IBC, demonetisation, farm laws, labour code reforms, and flagship schemes like Make in India. Questions typically ask about objectives, implementation timelines, benefits, and criticisms of these reforms.
Key ideas
- Goods and Services Tax (GST): Unified indirect tax system replacing multiple central and state taxes, implemented from 1 July 2017. Four-tier rate structure (5%, 12%, 18%, 28%) until 21 September 2025; from 22 September 2025, two main slabs (5%, 18%) and a 40% rate for luxury and sin goods, plus exemptions and special rates.
- Insolvency and Bankruptcy Code (IBC) 2016: Time-bound framework for resolving corporate insolvency within 330 days, replacing fragmented laws. Establishes NCLT as adjudicating authority and prioritises creditor rights.
- Demonetisation (8 November 2016): Sudden withdrawal of ₹500 and ₹1000 notes, affecting 86% of currency in circulation. Aimed at curbing black money, fake notes, and terror financing while pushing digital payments.
- Farm Laws 2020 (repealed 2021): Three laws aimed at liberalising agricultural markets — removal of APMC monopoly, contract farming, and deregulation of essential commodities. Faced massive farmer protests and were repealed in November 2021.
- Labour Code Reforms: Four codes consolidating 29 central labour laws — Code on Wages 2019, Industrial Relations Code 2020, Social Security Code 2020, and Occupational Safety Code 2020. Aim to simplify compliance and improve industrial relations.
Watch out for
- Confusing GST rates with pre-GST taxes: Students often mix VAT rates with GST slabs. Remember GST replaced excise, service tax, VAT, etc. The GST slabs (5, 12, 18, 28% until 21 September 2025; 5 and 18%, plus 40%, since 22 September 2025) are distinct from old multiple-tax regimes.
- Assuming farm laws are still in force: Farm laws were repealed in November 2021. Answer questions in past tense or as "repealed laws." Don't state current agricultural market structure as per those laws.
- Mixing IBC with NCLT establishment date: IBC was enacted in 2016; NCLT was established in 2016 under Companies Act 2013. NCLT handles IBC cases but existed before IBC for company law matters.
Quick reference
- GST: 1 July 2017; "One Nation, One Tax"; slabs 5% and 18% plus 40% since 22 September 2025 (earlier 5, 12, 18, 28%); GST Council has Centre 1/3rd vote.
- IBC 2016: 330-day resolution; NCLT is adjudicator; favours creditors over promoters.
- Demonetisation: 8 Nov 2016; ₹500/1000 withdrawn; 86% currency demonetised overnight.
- Make in India: 25 Sept 2014; Lion logo; 27 sectors; FDI liberalisation; "Minimum Government, Maximum Governance."
- Farm Laws: Passed Sept 2020; repealed Nov 2021; aimed to dismantle APMC monopoly.
Check yourself: 3 questions
1. On which date did the Goods and Services Tax (GST) come into effect in India?
2. The Insolvency and Bankruptcy Code (IBC) was enacted in which year to consolidate laws relating to insolvency and bankruptcy?
3. Which of the following was NOT a stated objective of the demonetisation announced on 8 November 2016?
This lesson is cut from the topic's note, not rewritten. Fact-checked on 17 Oct 2026: an AI-assisted check of this note against cited sources; the errors it found were corrected that day. Some errors may remain. The questions are from Shishya's validated question bank.
Read the full noteFlashcards for this topic
Saves this lesson and its 3 questions in this browser on this phone. No sign-in; nothing about you is saved or sent. A saved copy is not updated until you save it again. Parts that load from the server when you use them (the AI tutor, adaptive practice, sign-in) still need a connection.