Indian Economy: A journey of last 65 years
Jawaharlal Nehru was the architect of the system of Licence Raj or the Permit Raj. It refers to the elaborate licenses, regulations and accompanying red tape that were required to set up and run businesses in India between 1947 and 1990.
India`s decision to have a planned economy or the state controlled economy gave birth to the Licence Raj. Licences were given to a select few and up to 80 government agencies had to be satisfied before private companies, the production of which was to come under government regulation.
The License Raj-system was in place for four decades. The reform policies introduced in after 1991 removed many of these restrictions but Indian labour laws still prevent manufacturers from reducing their workforce without prohibitive burdens.
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