How the misuse of licence policy was common ? Explain !
The policy of granting license for setting up every industry was misused by big industrialists for their own welfare. They used to obtain licence just to stop small industrialists from doing the business in different industries. Rather than improving product quality and standards, people started focussing on ways to obtain license only. Licenses also led to a lack of competition and hence, resulted in substandard quality products at high prices.
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