Permit Raj in a brand new avatar

In the bad old days before Narasimha Rao liberated us from the Licence Permit Raj, it took a minimum of three years (the average was closer to seven years) to obtain an industrial licence. Anyone who wanted to start a factory was treated as if he or she were a supplicant. Guess what, very few factories were started in India and ordinary people couldn’t easily buy TV sets, refrigerators or motorcycles.

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