Brief by Shorts91 Newsdesk / 12:54pm on 17 Apr 2024,Wednesday Politics
The BJP-led central government lauded former PM PV Narasimha Rao and Finance Minister Manmohan Singh for their pivotal roles in economic liberalisation during a Supreme Court hearing. Solicitor General Tushar Mehta highlighted their reforms' impact, acknowledging their significance in ending the 'licence raj' era. However, Mehta also noted the lack of subsequent amendments to the Industry (Development and Regulation) Act, 1951. He clarified that while the government relinquished control over industries, it retained regulatory authority, crucial during emergencies like the Covid-19 pandemic, to ensure public interest and response efficiency.
