From independence in 1947 until the 1990s, there was in place in India what came to be known as the "Paper Raj". The term referred to a series of rules and regulations that put strict control on business and forced business owners to navigate in a bureaucratic labyrinth in order to start and run their companies. For example, one entrepreneur complained that simply to import a computer, he had to make 50 trips to New Delhi to get the necessary permits. Starting in the 1990s, many of these restrictions were abolished and a series of reforms made it easier for firms to conduct business.

Illustrate the situation using a graph showing the returns to and opportunity cost of entrepreneurship. Denote the curves and equilibria with the dates corresponding to the events you consider. (For example, you can use the names: "80" and "90" to denote the curves and equilibria in 1908s and 1990s)