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The Licence Raj or Permit Raj (rāj, meaning "rule" in Hindi) [1] is a pejorative for the system of strict government control and regulation of the Indian economy that was in place from the 1950s to the early 1990s. Under this system, businesses in India were required to obtain licences from the government in order to operate, and these ...
The book is both a memoir and a historical account that narrates the story of India's IT revolution, focusing on the establishment of NASSCOM in 1988. The book highlights the challenges faced by early entrepreneurs in the software industry during the Licence Raj and how their collective efforts led to the industry's global prominence. [4] [5]
Industrial Policy Resolution of 1956 (IPR 1956) is a resolution adopted by the Indian parliament in April 1956. It was the second comprehensive statement on industrial development of India after the Industrial Policy of 1948. [1] The 1956 policy continued to constitute the basic economic policy for a long time.
Rajiv Gandhi initiated a series of reforms: the Licence Raj was loosened, and government restrictions on foreign currency, travel, foreign investment, and imports decreased considerably. This allowed private businesses to use resources and produce commercial goods without government bureaucracy interfering, and the influx of foreign investment ...
The Licence Raj was a result of Nehru and his successors' desire to have a planned economy where all aspects of the economy were controlled by the state, and licences were given to a select few. Up to 80 government agencies had to be satisfied before private companies could produce something; and, if the licence were granted, the government ...
[14] [page needed] Reforms under lead to an increase in the average GDP growth rate from 2.9 percent in the 1970s to 5.6 per cent, although they failed to fix systemic issues with the Licence Raj. [ 13 ] [ citation needed ] Despite Rajiv Gandhi's dream for more systemic reforms, the Bofors scandal tarnished his government's reputation and ...
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The States Reorganisation Act, 1956 was a major reform of the boundaries of India's states and territories, organising them along linguistic lines. [1]Although additional changes to India's state boundaries have been made since 1956, the States Reorganisation Act of 1956 remains the most extensive change in state boundaries after the independence of India.