Question

Impacts of permit raj license

Answer 1

Explanation:

Thus started the License-Permit-Quota Raj in India, wherein government control was so strong that it not only decided which company would produce what, but also the amount of production, as well as the price of commodities.

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Answer 2

Answer:

The Licence Raj is considered to have been significantly reduced in 1991 when India had only two weeks of foreign reserves left. In return for an IMF bailout, India transferred gold bullion to London as collateral, devalued the Rupee, and accepted economic reforms.