licence raj
E613910
The licence raj was a system of extensive government regulation and bureaucratic control over the Indian economy that required businesses to obtain numerous permits and approvals, often criticized for stifling growth and encouraging corruption.
All labels observed (1)
| Label | Occurrences |
|---|---|
| licence raj canonical | 1 |
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
economic system
ⓘ
regulatory regime ⓘ |
| alsoKnownAs | License Raj NERFINISHED ⓘ |
| appliesTo | Indian economy ⓘ |
| associatedWith |
import licensing
ⓘ
industrial licensing ⓘ permit raj ⓘ quota system ⓘ |
| basedOn |
centralised planning
ⓘ
state-led development model ⓘ |
| characterizedBy |
bureaucratic control
ⓘ
extensive government regulation ⓘ |
| country | India ⓘ |
| criticizedFor |
creating red tape
ⓘ
discouraging entrepreneurship ⓘ encouraging corruption ⓘ inefficiency ⓘ limiting competition ⓘ stifling economic growth ⓘ |
| effect |
barriers to entry for firms
ⓘ
growth of informal economy ⓘ rent-seeking behaviour ⓘ restricted capacity expansion ⓘ underinvestment in many sectors ⓘ |
| hasEtymology | from the word licence and Hindi word raj meaning rule ⓘ |
| implementedBy | Government of India NERFINISHED ⓘ |
| implementedThrough |
import control regulations
ⓘ
industrial licensing policies ⓘ planning commission approvals ⓘ |
| languageOfName | English ⓘ |
| opposedBy | economic liberals in India ⓘ |
| reformedBy |
Manmohan Singh as Finance Minister
ⓘ
P. V. Narasimha Rao government NERFINISHED ⓘ |
| relatedConcept |
command economy
ⓘ
economic liberalisation in India ⓘ protectionism ⓘ |
| requires |
government approvals
ⓘ
multiple licences ⓘ numerous permits ⓘ |
| sector |
industry
ⓘ
investment ⓘ manufacturing ⓘ services ⓘ trade ⓘ |
| timePeriodEnd | early 1990s ⓘ |
| timePeriodStart |
late 1940s
ⓘ
post-independence India ⓘ |
| weakenedBy | 1991 economic liberalisation in India ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.