Licence Raj

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Licence Raj

A term used to describe the regulation of the private sector in India between 1947 and the early 1990s. In India at that time, one needed the approval of numerous agencies in order to set up a business legally. Manufacturing in particular was heavily regulated. The Licence Raj was the result of a mixed economy that used a government planning commission established after India's independence. The Licence Raj was largely successful in the 1950s and after, but eventually led to low rates of growth and investment. India began to liberalize its economy in the 1980s, ending the Licence Raj.
References in periodicals archive ?
Worse, India's business community, trapped in insularity and the lazy convenience of a License Raj, lost touch with best practices in world manufacturing and market expansion, sabotaging India's ability to lift the people from the curse of poverty.
He began reducing the License Raj, government quotas, tariffs, permitted regulations on economic activity and modernised the software and telecommunications industry.
In 1991, he said India faced a serious balance of payments crisis, but then Finance Minister Manmohan Singh skillfully carried out the necessary major reforms, dismantled the License Raj, and opened up the economy to foreign direct investment, setting India on a sustainable course that has done more than anything else to make India a global leader.
Long gone are the days of license Raj when things would happen in snail's place.
not even Detroit's, has ever imposed the kind of crushing regulations that the Indian government imposed during the height of the notorious License Raj in the mid-'50s.
Another businessman, V K Vishwanathan, Marketing Advisor at J K Industries, India's largest tyre manufacturer, adds, `India lost 40 years because of the permit license raj.
There is much that can be done before the possible grant of ` 300 crore to each " Innovation University" turns into the next scam, or a return to the red- tapist License Raj.
But powerful elements of the political class, which had never been fully convinced about giving up rents from the License Raj in the first place, had by then formed an unholy coalition with aggressive business people, whom I will refer to simply as the connected.