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.