Delicensing and Deregulation — Mains Questions

Critically analyze the impact of delicensing and deregulation policies on India's industrial growth and competition since 1991. Discuss the challenges encountered and the evolving nature of regulation in a liberalized economy.

The abolition of the 'License Raj' was a necessary but not sufficient condition for India's economic transformation. Elaborate on this statement, highlighting the complementary reforms required for successful industrial development post-1991.

Examine the sectoral variations in the implementation and outcomes of deregulation policies in India, with specific reference to telecommunications, aviation, and banking. What lessons can be drawn for future policy-making?