Story – When Keshub Mahindra beautifully explained India’s Licensing System

Let me give you a very small example of how things worked. Under the licensing system, the Government would say that we could produce 10,000 tractors a year. That figure was not based on supply or demand. If the market needed 50,000 tractors a year, nothing doing. The Government would say, “Mahindra, you can only produce 10,000 tractors a year.” We could not exceed the rule.

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