How were the industries regulated in India before 1991?
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Before 1991, the industries were regulated in various ways:
  1. Through industrial licensing under which every entrepreneur had to get permission from government to start a firm, close a firm, expand the firm or produce a new product.
  2. Private sector was not allowed in many industries.
  3. Through controls on price fixation and distribution of selected industrial products.
  4. Some goods could be produced only in small-scale industries.
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