Licence Raj

(redirected from Permit raj)

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 ?
The economic culture of licence raj and permit raj had struck at the heart of individual ambition.
Jaitley announced an outlay of ` 97,000 crore for the road sector even as he reiterated the government's commitment to doing away with the permit raj to end roadblocks facing the sector.
Dismantling the permit raj is the first and primary imperative, which has the potential to unleash a growth momentum in agriculture analogous to the de-licensing reforms in industry and trade during the early 1990s.
He says the bureaucratic corruption in India is mainly due to the permit raj' prevalent in India.
Banish the old permit raj altogether and devise a new system for these four wheelers.
The licence permit raj has shrunk in area, but become far more profitable.
If that seems shocking today, the loss of virtue must be traced to the all-pervasive "permit raj" system, with its licensing requirements to import, produce, and invest, which subsequently grew to gargantuan proportions.
If that seems shocking today, the loss of virtue must be traced to the all-pervasive "permit raj," with its licensing requirements to import, produce, and invest, which grew to gargantuan proportions.
Some made merry in the Licence Permit Raj and then found the going tough when India opened up its economy to foreign competition; others found themselves squeezed by the regulation and red tape of the Licence Raj itself, what with licences doled out only to a select few (in the quest for a 'planned' economy post-Independence).
"While regulations on foreign currency transfers and movement of capital are nowhere near as restrictive as they were in the days of the Permit Raj, it is still best to take expert advice well before taking the plunge.
The decision will permit Raj and Shahana Hashmi of Leeds, England, to create a donor sibling for their 6-year-old son, Zain, who suffers from a potentially fatal blood disorder.
To protect the then government, not only were banks nationalised, but also, India's economy was moved into "Licence Permit Raj", a system through which nothing could be done without government approval, thus giving unchecked power to a handful of people.