Practicing Success
Before the introduction of "New economic policy" in 1991, how were the regulatory mechanism enforced in India? |
Industrial licensing Restrictions on private sectors Control on price fixation of selected industrial products All of the above |
All of the above |
In India, regulatory mechanisms were enforced in various ways: (i) Industrial licensing under which every entrepreneur had to get permission from government officials to start a firm, close a firm or decide the amount of goods that could be produced. (ii) Private sector was not allowed in many industries. (iii) Some goods could be produced only in small-scale industries. (iv) Controls on price fixation and distribution of selected industrial products. |