The BJP-led central government has recently lauded former Prime Minister PV Narasimha Rao and his then Finance Minister, Manmohan Singh, for their pivotal roles in kickstarting economic liberalization and opening up the Indian economy in 1991. This commendation came during a Supreme Court hearing, where Solicitor General Tushar Mehta informed a nine-judge bench led by Chief Justice DY Chandrachud about the significant changes brought about by Rao and Singh's economic reforms.

Mehta highlighted that these reforms, which included liberalizing laws such as company law and the Trade Practices Act MRTP, effectively ended the era of the 'licence raj.' However, he also noted that the Industry (Development and Regulation) Act, 1951, remained untouched by subsequent governments over the past three decades, despite criticisms of its archaic nature and association with restrictive policies.

The Solicitor General emphasized that while economic reforms had reduced government control in many areas, the Centre retained regulatory authority, especially in national interest matters and emergencies like the Covid-19 pandemic. Mehta cited the example of regulating industrial alcohol production during the pandemic to ensure an adequate supply of hand sanitizers as a demonstration of this continued regulatory power.

In 1991, facing a foreign reserves crisis, the Narasimha Rao-led government introduced three major economic reforms: globalization, liberalization, and privatization. These reforms were instrumental in transforming India's economic landscape and moving away from the heavily regulated, protectionist policies of the past.

Overall, Mehta's statements underscored the government's recognition of Rao and Singh's contributions to economic reform while also defending the Centre's ongoing regulatory authority, particularly in critical sectors and times of national crisis.

The BJP-led central government has recently lauded former Prime Minister PV Narasimha Rao and his then Finance Minister, Manmohan Singh, for their pivotal roles in kickstarting economic liberalization and opening up the Indian economy in 1991. This commendation came during a Supreme Court hearing, where Solicitor General Tushar Mehta informed a nine-judge bench led by Chief Justice DY Chandrachud about the significant changes brought about by Rao and Singh's economic reforms.

Mehta highlighted that these reforms, which included liberalizing laws such as company law and the Trade Practices Act MRTP, effectively ended the era of the 'licence raj.' However, he also noted that the Industry (Development and Regulation) Act, 1951, remained untouched by subsequent governments over the past three decades, despite criticisms of its archaic nature and association with restrictive policies.

The Solicitor General emphasized that while economic reforms had reduced government control in many areas, the Centre retained regulatory authority, especially in national interest matters and emergencies like the Covid-19 pandemic. Mehta cited the example of regulating industrial alcohol production during the pandemic to ensure an adequate supply of hand sanitizers as a demonstration of this continued regulatory power.

In 1991, facing a foreign reserves crisis, the Narasimha Rao-led government introduced three major economic reforms: globalization, liberalization, and privatization. These reforms were instrumental in transforming India's economic landscape and moving away from the heavily regulated, protectionist policies of the past.

Overall, Mehta's statements underscored the government's recognition of Rao and Singh's contributions to economic reform while also defending the Centre's ongoing regulatory authority, particularly in critical sectors and times of national crisis.