The central government praised former Prime Minister PV Narasimha Rao and Manmohan Singh! Achi-News

PV Narasimha Rao And Dr Manmohan Singh: New Delhi: Many economic reforms were seen during the tenure of former Prime Minister PV Narasimha Rao and Manmohan Singh who was the Finance Minister in his ministry. Along with many changes, the country’s economy also saw a lot of improvement during his tenure and saw many milestones. Now the central government led by the NDA has praised the two former prime ministers.

Congratulations to Finance Minister Manmohan Singh

The BJP-led central government has praised former prime minister PV Narasimha Rao and her then finance minister Manmohan Singh for playing a key role in economic liberalization and taking India’s economy to new heights in 1991.

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The central government expressed this view during the hearing of a case in the Supreme Court. During the hearing, the Supreme Court bench said that the IDRA Act, 1951 reflects the days of the “Licence Raj”. In the context of this criticism, Solicitor General PV Narasimha Rao and Manmohan Singh have expressed their appreciation in the court for some changes in the leadership.

Amendments introduced by Solicitor General Tushar Mehta in 1991 have simplified many laws. The duo said the “License Raj” had ended and Manmohan Singh had pioneered economic liberalisation.

Liberalization of various laws

Economic reforms introduced by Narasimha Rao and Manmohan Singh released several laws, including the MRTP Company Law and Trade Practices Act. However, successive governments over the next three decades saw no need to amend the Industries (Development and Regulation) Act, 1951, Solicitor General Tushar Mehta told a nine-judge bench headed by Chief Justice DY Chandrachud.

Many changes have come from economic reforms, but IDRA remains the same. This enables the Center to exercise significant control over various industries, says Tushar Mehta. He emphasized that the Center retains the power to regulate industries in the national interest, especially during crises such as the Covid-19 pandemic.

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The government said it had introduced economic reforms such as the MRTP, including the Companies Act and the Trade Practices Act. He praised the reform policies introduced in 1991 which led to globalisation, liberalization and privatisation, thereby ending the era of license raj.

What is a Raj License?

The Raj License or Permit Raj was in force between the 1950s and the early 1990s. This was detrimental to the government’s system of strict control over the Indian economy.

Under this system, businesses in India had to obtain licenses from the government to operate, and obtaining these licenses was very difficult. So in 1991 PV Narasimha Rao and Manmohan Singh abolished this practice.

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