13 min read.Updated: 24 Jan 2016, 02:25 AM ISTAnkit Mital
The nation embarked on its first liberalization experiment with a characteristic combination of whim, status quo-ism and bad economics
Explaining the decision to not de-license the production of toiletries, the government spokesperson said that they were not “particularly a priority item, and it was thought that there was no purpose in allowing decontrol in a field in which we may not want substantial quantity to be added" (Planning for Industrialization, Jagdish Bhagwati and Padma Desai). Furniture components weren’t de-licensed either, for “they are minor items, and it was not thought important enough for being de-licensed".
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