P. V. Narasimha Rao

Rao's government adopted the July 1991 industrial policy that abolished industrial licensing for most industries while retaining specified exceptions. That changed whether firms needed central approval to establish or expand production. Read his case beside Manmohan Singh's to distinguish political sponsorship and industrial policy from the finance minister's budget measures. The reforms reduced important controls, but licensing exceptions and a continuing public sector meant the economy did not become unregulated.