(MENAFN- Live Mint) "Economics reforms under former prime minister PV Narasimha Rao and his then finance minister Manmohan Singh brought winds of change, the Bharatiya Janata Party-led Centre told Supreme Court as it showered praised on the duo for their pivotal role in opening the Indian economy and initiating liberalistion in 1991 this, the apex court said the 1991 economic reforms \"effectively marked the end of licence raj era Court's nine-judge bench led by Chief Justice of India DY Chandrachud was criticising the Industry (Development and Regulation) Act, 1951 during a hearing. The apex court bench described IDRA 1951 as \"archaic\" and a law indicative of restrictive policies of the era of 'licence raj'.Also read: 'Is there any punishment for EVM tampering': Supreme Court asks ECI in VVPAT caseSolicitor General Tushar Mehta informed the top court that even though the economic reforms introduced by Narasimha Rao and Manmohan Singh liberalised numerous laws, subsequent governments over the following three decades did not see the need to amend the IDRA, 1951 1991 economic reforms liberalised the company law and the Trade Practices Act--Monopolistic and Restrictive Trade Practices Legislation (MRTP).He emphasised that despite the winds of change brought by 1991 economic reforms, the IDRA remained untouched, allowing the Centre to maintain significant control over various industries read: Supreme Court seeks ED's response by April 24 on Arvind Kejriwal's arrest pleaThe 1991 economic reforms were introduced at a time when India was facing severe forex crisis. These reforms focused on liberalization, privatization, and globalization. Not only did they open the Indian economy, but also led to the end of 'license raj' in the country Solicitor General also clarified that the Centre's withdrawal from controlling industries did not indicate a lack of regulatory authority.\"Centre retained the power to regulate industries in the national interest, particularly during emergencies like the Covid-19 pandemic,\" he said elaborated saying the response to Covid-19 crisis would have been compromised had the Centre not had the authority to regulate industrial alcohol.
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