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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 1956 policy continued to constitute the basic economic policy for a long time. This fact has been confirmed in all the Five-Year Plans of India. According to this resolution the objective of the social and economic policy in India was the establishment of a socialistic pattern of society. It provided more powers to the governmental machinery.
This is a chronological and complete list of acts passed before 1861, by the Imperial Legislative Council between 1861 and 1947, the Constituent Assembly of India between 1947 and 1949, the Provisional Parliament between 1949 and 1952, and the Parliament of India since 1952. Apart from Finance Act, there are 890 Acts which are still in force as ...
1 September – LIC of India formed; 14 October – Dr. B. R. Ambedkar, Indian Untouchable leader, converts to Buddhism along with 385,000 followers. See Neo-Buddhism. 17 December - Jawaharlal Nehru meets Dwight D. Eisenhower as part of his visit to United States. [2]
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 ...
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On 28 January 1956, Rajagopalachari signed a resolution along with Annadurai and Periyar endorsing the continuation of English as the official language. [128] At an All-India Language Conference held on 8 March 1958, he declared: "Hindi is as much foreign to non-Hindi speaking people as English [is] to the protagonists of Hindi". [129]
The House of Lords followed suit the next day. The Bill received the Royal assent on 18 July 1947. From this day the suzerainty of the British Crown over the Indian princely states lapsed as per 7(b) of the India Independence Act 1947, and with it all treaties between the British Crown and the Indian states also had a legal quietus. The rulers ...