'Brought winds of change...': Centre praises former PM Manmohan Singh in Supreme Court
Supreme Court said the 1991 economic reforms effectively marked the end of the era of 'licence raj'.
ECONOMICS reforms under former prime minister PV Narasimha Rao and his then finance minister Manmohan Singh brought winds of change, the Bharatiya Janata Party-led Centre told the Supreme Court as it showered praises on the duo for their pivotal role in opening the Indian economy and initiating liberalistion in 1991.
To this, the apex court said the 1991 economic reforms "effectively marked the end of licence raj era".
Supreme Court's nine-judge bench led by Chief Justice of India DY Chandrachud was criticising the Industry (Development and Regulation) Act, 1951 during a hearing.
The apex court bench described IDRA 1951 as "archaic" and a law indicative of restrictive policies of the era of ‘licence raj’.
