- The license-permit-quota raj was an elaborate and complicated system of controls.
- It controlled entry, expansion of capacity, technology, output mix, location, and import content.
- It created a nightmare for entrepreneurs.
- It thwarted competition, entrepreneurship, and growth.
- It led to endless delays in clearing applications.
- It discouraged efficient and honest entrants.
- It rewarded wily, inefficient producers who manipulated the system.
- This system acquired a vicious stranglehold over the Indian economy.