Which of the following was a major fallout or drawback of the Industrial Licensing System in India prior to 1991?

Options:

• A: Most licenses were exclusively granted to backward states.
• B: Small private firms completely replaced large industrial houses.
• C: Large industrial houses cornered licenses to prevent entry of competitors.
• D: Import of essential industrial machinery was made entirely tax-free.

Related Practice Questions:

• Which of the following artifacts, extensively found at Burzahom and Gufkral, specifically indicates that the Neolithic inhabitants of Kashmir practiced sewing animal skins for clothing to survive the harsh winters?
• The earliest known evidence of rock art in India, in the form of 'Cupules' (hemispherical cup-shaped depressions carved into rock), belongs to the Lower Paleolithic age and was found at:
• The first human colonization of the fertile Ganga plains, as evidenced by archaeological discoveries at Sarai Nahar Rai and Mahadaha, took place during which period?
• Which prehistoric site located in the Thar Desert of Rajasthan provides a continuous and undisturbed profile of Lower, Middle, and Upper Paleolithic cultures?