Indian Economy 1950-1990 — Economics STD 12 Commerce — Question
CBSE BoardEnglish MediumSTD 12 CommerceEconomicsIndian Economy 1950-19903 Marks
Question
What do you understand by License Raj?
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Answer
Excessive regulation and control by the government during planning period was termed as License Raj or Permit License Raj. It was the time when there were too many rules and regulations for private sector and foreign sector to enter the market. It prevailed under Industrial Policy Resolution (IPR) 1956.
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