Alteration in the socialistic mindset, which developed in India during Jawahar Lal Nehru’s reign, led to major amendments and subsequently abolition of the so called License Raj in the country. Licensing meant that only a few players would be given permission to operate in a particular sector, thereby creating monopolies and the endemic shortages, which marked the economy during the so called license-permit raj. In 1991, when Finance Minister Manmohan Singh abolished this irrational and repressive regime, the entrepreneurial energies of India Inc. were unleashed. That India is rising and shining now is partly because of this momentous policy shift .
For complete IIPM article click here
Source:- IIPM Editorial, 2006
For complete IIPM article click here
Source:- IIPM Editorial, 2006
