New Delhi, June 8 -- Union Electronics and IT Minister Ashwini Vaishnaw on Monday said that India "wasted four decades" from 1950 to 1990 when several ASEAN countries boosted their manufacturing capabilities, saying that restrictive rules were in place during the period and entrepreneurs had a difficult time.

In an interview with ANI, Vaishnaw referred to "license-permit raj" in India and the growth take off by China, South Korea and some other countries and the relatively slow growth rate of India.

"1950 to 1990, four decades we wasted. These were lost decades. Entrepreneurs were made criminals. Factory Act, if something happens, it was a kind of rules and regulations which was a total waste of our country's talent," he said.

He refer...