BIS Review 106/2006  9  Table 5: Central Government’s Expenditure (Per cent to GDP) Year  Revenue Expenditure Capital Outlay  1  2  3  1970-71  6.9  2.1  1980-81  10.0  2.1  1990-91  12.9  2.1  1995-96  11.8  1.2  2000-01  13.2  1.2  2005-06 RE  12.5  1.6  2006-07 BE  12.4  1.7  Table 6: Gross Tax Revenues of the Centre (Per cent to GDP) Year 1  10  Direct Tax Indirect Tax Total 2  3  4  1990-91  1.9  8.2 10.1  1991-92  2.3  8 10.3  1992-93  2.4  7.5  10  1993-94  2.4  6.5  8.8  1994-95  2.7  6.5  9.1  1995-96  2.8  6.5  9.4  1996-97  2.8  6.6  9.4  1997-98  3.2  6.0  9.1  1998-99  2.7  5.6  8.3  1999-2000  3.0  5.8  8.8  2000-01  3.2  5.7  8.9  2001-02  3.0  5.2  8.2  2002-03  3.4  5.4  8.8  2003-04  3.8  5.4  9.2  BIS Review 106/2006  2004-05  4.2  5.5  9.8  2005-06 (RE)  4.8  5.7 10.5  2006-07 (BE)  5.3  5.9 11.2  RE : Revised Estimates.
BE: Budget Estimates. Financial sector The financial system in India, through a measured, gradual, cautious, and steady process, has undergone substantial transformation. It has been transformed into a reasonably sophisticated, diverse and resilient system through well-sequenced and coordinated policy measures aimed at making the Indian financial sector more competitive, efficient, and stable.