How were the industries regulated in India before 1991? - Vidyadip

Question

How were the industries regulated in India before 1991?

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Answer

Before 1991, the industries were regulated in various ways:

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.
Private sector was not allowed in many industries.
Through controls on price fixation and distribution of selected industrial products.
Some goods could be produced only in small-scale industries.

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