Liberalisation did two things — it made imported goods cheaper with lower customs duties, it also increased people’s purchasing power with lower taxes. In 1971, the effective income tax rate at the highest slab was 93.5%; in 1997, this was down to 30%. India’s corporate tax rates are also now competitive with those in China and the US. Here's a look how taxes rates changed since India's first liberalised its economy in 1991.