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Devaluation occurs when a government wishes to increase its balance of trade (exports minus imports) by decreasing the relative value of its currency. The government does this by adjusting the fixed or semi-fixed exchange rate of its currency versus that of another country.

Subsidy in agriculture means providing some important inputs to farmers at a concessional rate i.e., much lower than their market rate. It is an economic benefit (direct or indirect) by the government to the farmers. They're a safety net and a risk management tool whose purpose is to ensure a stable and affordable food supply, given that farmers have no control over the price of their crops or the weather. Subsidies are given to the farmers to provide an incentive for the adoption of new technology by farmers in general and small farmers. During the 1960s, in order to ensure the Green Revolution, HYV seeds, fertilisers and insecticides were provided at a subsidised rate to the farmers. It has been rightly said that subsidies encourage farmers to use new technology but they are also a huge burden on government finances.
The following arguments are given to prove the usefulness of subsidies:

1. It is necessary to give subsidies to farmers, especially the small farmers to provide an incentive for the adoption of the new HYV technology. Any new technology is considered being risky by farmers. Subsidies are, therefore, needed to encourage farmers to adopt the new technology initially.
2. Farming in India is still a risky business and subsidies provide protection against the risk of climatic conditions.
3. Subsidies bring about equity between rich and poor farmers by enabling poor farmers to use modern technology and inputs.
4. Most farmers are poor and they will not be able to afford the required inputs without subsidies.

On the other hand, some economists believe that subsidies should be phased out once their purpose has been served and the technology is now widely adopted due to its profitability. They argue that there is no case for continuing with subsidies as it does not benefit the target group and it is a huge burden on the government’s finances.
They give the following arguments against subsidies in agriculture:

1. Subsidies are benefiting the fertiliser industry more than farmers.
2. Subsidies are mainly being availed by big farmers in affluent regions, who do not actually need them. Rich farmers are taking advantages of subsidies. The target group is not being benefited.
3. The object of giving subsidies was to provide an incentive for the adoption of new technology by farmers in general and small farmers in particular. Now new technology has been widely adopted, so subsidies should be phased out.

Hence, on the basis of the above arguments, we can conclude that although subsidies are very useful and necessary for poor farmers to overcome uncertainties associated with farming, it may lead to wastage of resources. Thus, it can put an excessive burden on the scarce government’s finances. Hence, suitable reforms are needed to be undertaken in order to ensure allocation of subsidies in a targeted manner only to the needy farmers.

Benefits of GST are:

1. GST provides comprehensive and wider coverage of input credit set-off, you can use service tax credit for the payment of tax on the sale of goods, etc.
2. Many indirect taxes in the state and central level have been included in GST. You need to pay a single GST instead of all.
3. Uniformity of tax rates across the states.
4. Ensure better compliance as the aggregate tax rate reduces.
5. By reducing the tax burden, the competitiveness of Indian products in the international market has increased and thereby development of the nation.
6. Prices of goods are expected to reduce in the long run as the benefits of less tax burden would be passed on to the consumer.
7. Compliance requirements are reduced due to single tax minimum compliance of law is required.
8. GST reduces multiple tax burden.No need to pay tax on tax now.

• Economic Growth. It's widely believed that increased globalization leads to greater economic growth for all parties.
• Increased Global Cooperation. 
• Increased Cross-Border Investment. 
• Increased Competition. 
• Disproportionate Growth. 
• Environmental Concerns.

At the time of Independence, the land tenure system was characterised by intermediaries called zamindars, jagirdars, etc. They collected rent from the actual tiller without contributing to improvements on the farm. This demotivated the actual tillers and resulted in low productivity in this sector. Due to this reason, there was an urgent need for land reform policy.
The agricultural sector in India adopted the following types of land-reform strategies:

1. Land Ceiling: The maximum size of landholding that an agricultural household could own was fixed. The surplus land was acquired after paying compensation and was re-distributed among poor farmers.
2. Abolition of Intermediaries: The zamindari system was abolished and ownership rights were given to the actual tiller of land.
3. Regulation of Rent: Rent was regulated and a maximum limit of 33% of the value of crop was fixed.
4. Consolidation of Landholding: To increase productivity, farmers were given a big piece of land in place of his small and fragmented fields.
5. Cooperative Farming: Cooperative farming was encouraged to get benefit from the gains of consolidation of holdings.

Britain

During the 10th Five Year Plan, “Quality Improvement in Schools” was introduced as a composite centrally sponsored scheme.