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The economic liberalisation in India refers to the series of policy changes aimed at opening up the country's economy to the world, with the objective of making it more market-oriented and consumption-driven. The goal was to expand the role of private and foreign investment, which was seen as a means of achieving economic growth and development.
Another key prospect of the 1991 policy was to end "red-tapism" which was known as Industrial licensing, wherein the requirement to get a license to start a private sector industry was abolished. Thereby, cutting down unnecessary delays in establishing an industrial unit by any private entity. [7]
1.1 Industrial licensing is compulsory for the following industries. 2 Comprehensive list of industry ... Drugs and Pharmaceuticals (according to Drug Policy)
Another main characteristic of the Licence Raj was heavy regulation on industry. Legislation to regulate industry started with the Industrial Development Regulation Act of 1951, which laid out licensing restrictions on industries it designated as Schedule I which included industrial machinery, telecommunications, and chemical manufacturing. [25]
Events in the year 1991 in the Republic of India. The year 1991 was a watershed moment in the history of Economy of India . It was the year in which India formally announced its shift towards Liberalization , Privatization and Globalization from hitherto existed Mixed economy that was predominantly a Planned economy .
Prior to the 1991 economic ... 2017 275.8 384.3 -108.5 2018 303.52 ... Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; ...
In 2001, an 18-year-old committed to a Texas boot camp operated by one of Slattery’s previous companies, Correctional Services Corp., came down with pneumonia and pleaded to see a doctor as he struggled to breathe.
However, by 1991, the country was facing a severe balance of payments crisis, as it was unable to service its debt and was running out of foreign exchange reserves. [19] There were also structural problems in the Indian economy that contributed to the crisis, including low savings and investment rates, and inadequate export growth.