Question

D) Suggest an economic term for the given statements.
Q. Import licensing controls have been abolished.​

Answer 1

Answer:

economic term is liberalisation

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Answer 2

Answer:

The Licence Raj was a result of the first post-Independence government's decision to have a planned economy where all aspects of the economy are controlled by the state and licences are given to a select few.[4] Up to 80 government agencies had to be satisfied before private companies could produce something and, if granted, the government would regulate production.[5]

Reforms since the mid-1980s have significantly reduced regulation, but Indian labour laws still prevent manufacturers from reducing their workforce without prohibitive burdens.