India and liberalization: There was a 1966 before 1991
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".
Login to enjoy exclusive benefits!
- Unlocked premium articles
- Personalized news
- Market Watchlist
- Insightful Newsletters & more