Indian Economy
India got its independence on 15th August 1947. From there started the journey for a new India. India had a substantial change in the economic policies. From 1947 there was a gradual but slow change from a laissez faire policy, with low taxation rates and taxation based heavily on lump sum taxes on land rent, to an interventionist policy which relied more on taxes that could at some deadweight cost be evaded. But India always remained a country with light taxes. Table below shows the average state revenue as a percentage of income by province in Pre-Independent India in 1938-9 and in Independent India in 1949-50 (before the formation of the modern Indian states) and 1998. Before independence, the tax revenue was mainly from tax on land. Gradually the revenue gained from tax land has steadily declined in terms of percentage of overall in overall revenue and it accounts for only 1% of the national tax revenue.
India is highly diverse in terms of religion, language and culture.......
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