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'License - Permit - Quota Raj' was abolished in which year?
1. 1991
2. 1948
3. 1956
4. 1977

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Correct Answer - Option 1 : 1991

The correct answer is 1991.

  • 'License - Permit - Quota Raj' was abolished in the year 1991.

  • The License Raj or Permit Raj was the system of Licenses, Regulations that hindered the setup and running of the business in India between 1947 and 1990.
    • It was coined by Indian Independence activist Chakravarti Rajagopalachari.
      •  He opposed the system for its potentiality to increase political corruption and Economic stagnation.
      • Swatantra Party was founded by him to oppose the practices of the system.
    • Characteristics:
      • Planning commission.
      • Heavy Regulation on the industry.
    • Fall Out: License Raj which was believed for India's success was gradually replaced and the Liberalization policy was introduced by PV Narsimha Rao in 1991.
      • Liberalization resulted in substantial growth in the Indian Economy.

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