Explain the 'permit license raj'.
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To begin with the need to procure a license to start an industry was misused by the big industrial houses. A big industrialist would get a license not for starting a new firm but for preventing competitors from starting new firms.
- The excessive regulation of 'permit license raj' permitted certain firms from becoming more efficient.
- More time was spent by the industrialists in obtaining a license or lobby with the others, rather than on improving their product.
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