Liberal approach to the study of Indian politics
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After Independence, India adopted the Socialist model of development. This led to creation of Licence Raj, the elaborate licences, regulations and the accompanying red tape that were required to set up business in India.
India's first attempt at economic liberalisation was carried out in 1966 as a pre-condition to an increase in foreign aid.[2]
The economic liberalisation of 1991, initiated by then Indian prime minister P. V. Narasimha Rao in response to a balance-of-payments crisis, did away with the Licence Raj and ended many public monopolies, allowing automatic approval of foreign direct investment in many sectors.
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