India’s licence Raj, a system of strict regulation governing numerous industries, has been analyzed in the context of the United States. The system, implemented decades ago, mandated extensive licensing requirements and oversight. This approach resulted in significant bureaucratic inefficiencies and limited market development. While the system was superseded, its underlying structures and bureaucratic processes continue to pose potential issues. Critics argue that similar regulatory frameworks can contribute to long-term challenges in economic governance. The historical experience underscores the necessity of well-considered planning and robust oversight to ensure sustainable economic growth.
Credits: Finance & economics
