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powers, and the introduction of a fl at personal income tax rate of 13 per cent
that ensured

improvement in compliance.

The main showcase institution for India is private entrepreneurship which has been
instrumental in achieving 8-9 per cent annual growth of the economy in recent
years. Private

initiative has been responsible for the excellence achieved in the information
technology

sector and the innovative streak that led to improvization and

production of low-cost goods for the Indian mass market. Besides, the calibrated
approach to
capital account convertibility and the External Commercial Borrowing Policy have
helped
insulate the economy against surges and reversals of debt flows and maintained the
external

debt at sustainable levels,

The Right to Information Act

s increasing transparency and

accountability of government operations and the Mahatma Gandhi National Rural

Employment Guarantee Scheme is a major step towards making growth inclusive.

The best practices and institutions of China are those that have helped ensure
progress in
terms of economic growth, enhancing its national strength and improving the living
standards

of its people as well as the suce:

in making the historic transition from a highly centralized

sed and semi-closed

planned economy to a robust socialist market economy and from a cl

country to a country that is open to the outside world. Specific areas are FDI
attraction and

utilization, and infrastructure financing, among others. Th ¢ Chine: lobalization

model has

also been diff erent, in that foreign direct investment was encouraged. The sub-
national

governments (cities/provinces) have been successful in attracting foreign

investment by
providing improved infrastructure and a favourable regulatory environment. China
also has
experience in financial macro- management. The reform and development of China’s
banking

industry and financial market played a key role in promoting rapid sustainable
economic

growth.

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17:22
20-06-2023

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